Endowments to Babies by Grandparents Tripled Last Year

The amount of money Koreans gave to their grandchildren who are minors surpassed W1 trillion last year (US$1=W1,430).

According to National Tax Service data on Monday, Korean minors received W1.01 trillion in endowments from their grandparents in 2021.

They increased most for infants in the cradle who are not yet one year old, nearly tripling from W31.7 billion in 2020 to W99.1 billion in 2021 or from 254 to 784 babies.

The amount settled on children under five surged 1.9 times and for kids under 10 1.7 times.

Endowments to grandchildren help the rich save taxes since they bypass the 10 to 50 percent duty levied on assets transferred to their own children.