The Ministry of Health and Welfare on Tuesday decided to raise the minimum cost of living by 3.4 percent on-year next year. That will bring it to W1.55 million per month for a family of four, up from W1.49 million, and from W553,000 to W572,000 for a single household (US$1=W1,137).
The increase rate this year was 3.9 percent.
The minimum cost of living is the least needed to lead a "healthy and cultural life." It is used as the legal standard for selecting welfare recipients and determining benefit levels.
The government makes up for welfare recipients' shortfall and gives various benefits to households if their income is less than 120 percent of the minimum cost of living.