The Ministry of Health and Welfare said on the 29th that it convened the Central Living Security Committee to decide next year's "standard median income." The standard median income is the value the government sets by using the median of household income as the standard to design welfare programs. The ministry convenes the Central Living Security Committee every year to set the following year's standard median income. This meeting is part of that process.
The current standard median income is determined by the sum of the basic growth rate, which is the three-year average growth rate, and a separate additional growth rate. That is because in July 2020 the Central Living Security Committee decided to use that calculation method for six years (2021–2026). As a new calculation method must be set starting next year, this Central Living Security Committee discussed the need to overhaul the method and the direction for future steps. After further discussions, it plans to decide next year's standard median income by the end of next month.
Minister Jung Eun-kyeong of the Ministry of Health and Welfare said, "We will broadly gather input from experts and relevant ministries to establish a calculation method for the standard median income that the public can trust," adding, "We will enhance both the adequacy and sustainability of welfare programs."