To be eligible to apply for a work incentive, you must have earned income, and households that meet all three application qualifications below are eligible. Have you checked your eligibility to apply for the 2024 Earned Income Tax Credit? Work incentives are subsidies provided to low-income people, but you cannot receive them if you do not apply. Please check the application eligibility below and make sure you don’t miss out on any subsidies.
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Details of the 2024 work incentive reform
Expansion of income criteria
The annual gross income standard, which is the basis for payment of work incentives in 2024, has been increased by 2 million won for each household type.
| Furniture Type | Current | revision | | Single-family household | 20 million won | 22 million won | | Single piece furniture | 30 million won | 32 million won | | Two-income household | 36 million won | 38 million won |
For example, in the case of a single-family household, in 2023, the total annual income must be less than 20 million won to receive a work incentive, but in 2024, the total annual income must be less than 22 million won to receive a work incentive.
payout increase
The 2024 work incentive payment amount has also been increased.
| Furniture Type | Current | revision | | Single-family household | Up to 1.5 million won | Up to 1.65 million won | | Single piece furniture | Up to 3 million won | Up to 3.25 million won | | Two-income household | Up to 4 million won | Up to 4.3 million won |
For example, in the case of a single-family household, in 2023, if the earned income is less than 1.5 million won, you can receive a work incentive of 1.5 million won, but in 2024, if your earned income is less than 1.65 million won, you can receive a work incentive of 1.65 million won.
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1. Confirm eligibility for employment incentives
Household type (as of December 31, 2023, classified according to household composition and income)
Furniture Type Content
Single household: If there is no spouse, dependent children, or direct ascendants over the age of 70
Single-income household with a spouse or dependent children, or a direct ascendant over the age of 70
(If the applicant or spouse has a spouse, the total salary, etc. is less than 3 million won.
If the total salary of the applicant and spouse in a dual-income household is more than 3 million won
※ Note
– Spouse: Legal spouse, based on family relationship registration as of December 31, 2020.
For spouses who died on December 31, 2021, according to the Family Relations Department on the day before the date of death.
– Dependent children: Children under the age of 18 born after January 2, 2003, including adoptees.
In certain cases where parents are unable to support their children, grandchildren, great-grandchildren, and siblings are included as dependent children.
– Direct ascendant over 70 years of age: Must be born before December 31, 1951 and have a total annual income of 1 million won or less.
Confirmation on the resident registration certificate that you are a family member living together and living together at the address of the larger resident.
Other specific eligibility requirements for employment incentives can be found by clicking the link below.
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2. Application period
Applications for earned income tax incentives every year are divided into applications within the deadline and applications after the deadline. Here’s more about these two:
01. Apply within the deadline
This means applying from May 1st to May 31st.
02. Apply after the deadline
This applies to cases where the application period is missed and additional applications are made from June 1 to November 30, within 6 months from the day after the end of the application period.
If you apply after the deadline, you will only receive payment of 90%, which is a 10% reduction, so we recommend that you apply as soon as possible.
3.Eligible for application
A resident with earned income, business income, or religious income must meet all three requirements below.
If more than two people in a household apply, only one person will be paid.
01. Furniture Type
Single-family household: A household without a spouse, dependent children, or direct ascendants over the age of 70.
Single-income household: A household with a spouse, dependent children, or direct ascendants over 70 years of age.
(If there is a spouse, the total salary of the applicant or spouse must be less than 3 million won.)
Dual-income household: A household in which the total salary of the applicant and spouse is more than 3 million won.
02. Income requirements (combined for married couples)
Your 2021 annual gross income must be below the following thresholds: In the case of a married couple, it is added together.)
Single-family household: less than KRW 22 million (maximum incentive amount: KRW 1.5 million, highest range: KRW 4 million to KRW 9 million))
Single-income households: less than KRW 32 million (maximum incentive amount: KRW 2.6 million, highest range: KRW 7 million to KRW 14 million))
Dual-income households: less than KRW 38 million (maximum incentive payment: KRW 3 million, highest range: KRW 8 million to KRW 17 million))
03. Property requirements (sum of household members)
As of June 1, 2021, the total amount of assets owned by all household members, including buildings, savings, houses, and land, must be less than 200 million won.
※ Liabilities are not deducted when evaluating property.
▶ If you have not received a mobile or written notice
– Access the Hometax website (https://www.hometax.go.kr) via PC > Log in > Apply/Submit > ‘Employment, Child Stimulus’ > Apply for regular/semi-annual > Enter individual authentication number and last 7 digits of resident registration number > Application completed
– Mobile app Home Tax: Access the mobile Home Tax app > Log in > Apply/Submit > Employment, child incentive regular/semi-annual > Enter individual authentication number and last 7 digits of resident registration number > Application complete
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Amount of employment incentive support
The incentives are divided into three types: single-income households, single-income households, and dual-income households.
Amount of employment incentive support
① Single-family household
If your total income is less than 22 million won, you can receive up to 1.65 million won.
② Single furniture
If the amount is less than 32 million won, the maximum amount you can receive is 2.85 million won.
③ Dual income household
If the amount is less than 38 million won, up to 3.3 million won will be paid.
These amounts may change, and the exact amount of support can be calculated according to individual circumstances using the National Tax Service’s Earned Income Tax Calculator.
Since the amount paid in this way is not small, please check the eligibility conditions explained below carefully before receiving it.
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