Starting on the 22nd, the government will distribute the second people's livelihood recovery consumption coupons, giving 100,000 won per person to 90% of the public. The 10% of households classified as "high-asset holders" will not receive the consumption coupons. The government presented two criteria: income and asset. If a household has no income and only real estate assets, it turns out that a household that owns one Eunma Apartment in Daechi-dong, Gangnam-gu, Seoul, can receive the 100,000-won consumption coupon.
According to the government on the 12th, to receive the second consumption coupons, one must first be a Korean national residing in the country. Even foreigners—permanent residents (F-5 visa), marriage migrants (F-6), and recognized refugees (F-2-4)—can receive the consumption coupons if they are eligible for national health insurance.
Other foreigners can receive the consumption coupons if they are listed on a resident registration with at least one Korean national and have the same national health insurance eligibility as Koreans. Overseas Koreans must be listed on a resident registration and have the same national health insurance eligibility as Koreans.
◇ If you own just one Eunma Apartment valued at "4 billion won," you fall under the "bottom 90%" by asset
Next, to identify the "bottom 90% by income" who can receive the second consumption coupons, the value of assets held by the household is assessed. First, if the combined taxable base for property tax of household members last year exceeds 1.2 billion won, they are deemed the "top 10% by income" and the consumption coupons are not provided.
For dwellings, last year's property tax base was calculated by multiplying the officially assessed price by the fair market value ratio (43%–60%). To ease the tax burden stemming from a sharp rise in official prices, the government lowered the fair market value ratio for single-home households from 60% to 43%–45%, depending on the official price.
Accordingly, for a household that owns only one house, if the officially assessed price of this dwelling is 2.66666 billion won or less, the property tax base falls below 1.2 billion won. The officially assessed price last year of one Eunma Apartment in Daechi-dong with an exclusive area of 84.43㎡ (34-pyeong type) varies by floor, but is around 1.8 billion won. If one owns only a single Eunma Apartment and has no other income, one can receive the second consumption coupons. The 34-pyeong type at Eunma Apartment is currently being traded in the 3.8 billion–4.1 billion won range.
In addition, the government excluded households whose total financial income last year exceeded 20 million won from the second consumption coupon program. Those subject to comprehensive taxation on financial income cannot receive the consumption coupons. For a household that deposited all its cash in time deposits with an annual rate of around 2%, the deposits must exceed 1 billion won for the interest to surpass 20 million won.
Based on this asset criterion, 927,000 households and 2.48 million people are screened out from receiving the second consumption coupons.
◇ Single-person households with annual income of 75 million won or more fall under the "top 10%"
The top 10% and bottom 90% by income are divided based on national health insurance premiums. About 2.58 million people are excluded from the second consumption coupon program here.
If the total household amount of out-of-pocket national health insurance premiums imposed in June this year is at or below the selection threshold, all household members can receive the second consumption coupons.
For a four-person household, the threshold is 510,000 won for workplace subscribers, 500,000 won for regional subscribers, and 520,000 won for mixed households with both workplace and regional subscribers.
Workplace subscribers to national health insurance pay premiums based only on income, with the company covering half. Regional subscribers have premiums assessed on both income and property, and they bear the full cost. Considering this difference, the monetary thresholds are set differently.
The government adjusted the thresholds so that single-person households, which have a high proportion of young adults and older people, and dual-income households with high combined income are not unfairly excluded from the second consumption coupon program.
For a single-person household that is a workplace subscriber, if the out-of-pocket national health insurance premium is 220,000 won or less, the person can receive the second consumption coupons. Converted to annual income, that is about 75 million won.
For households with two or more income earners, such as dual-income households, the "number of household members + 1 person" criterion was applied. A four-person dual-income household with workplace subscribers is eligible if the premium is 600,000 won or less based on the five-person household threshold.
◇ Guidance on whether you are in the "top 10%" or the "bottom 90%" starts on the 15th
The government plans to notify the public in advance whether they can receive the second consumption coupons. If you apply for the "people's livelihood recovery consumption coupons guidance" service on the Naver app, KakaoTalk, Toss, or the Guksim Biseo website (www.ips.go.kr), you can be informed in advance whether you are eligible. Information will be provided starting in the morning on the 15th.
As with the first people's livelihood recovery consumption coupons carried out in Jul., the government will operate a day-of-week system in the first week of distribution (the 22nd–26th) based on the last digit of birth year. On Monday the 22nd, citizens whose birth years end in 1 or 6 can apply.