Life
2024 brings new benefits to help Busanites
Busan Metropolitan City will introduce new financial and welfare benefits to enhance the quality of life for local and international residents.
Through a combination of local and national policies, the benefits are aimed at boosting the local economy and creating a sense of security for workers and their families.
-Save nearly 18% on daily purchases
Starting on Jan. 1, shoppers can enjoy a 3% cash back reward when they make payments via the QR code feature on the Dongbaek Jeon application. The initiative, Dongbaek Jeon Plus Point, or P Point, encourages customers to patronize local businesses affiliated with the Dongbaek Plus program.
When the 3% cash back reward is combined with the rewards and discounts already provided by Dongbaek Plus affiliated businesses, shoppers can save nearly 18% on their daily purchases. International residents with an alien registration card are also eligible for financial benefits through the P Point program. To get started, download the Dongbaek Jeon app (동백전) through your smartphone's app store.
-A higher living wage
The official living wage set by Busan Metropolitan City is 11,350 won, a 2.5% increase from last year. It is also higher than the nationwide minimum wage of 9,860 won. The living wage refers to the minimum amount of money necessary to satisfy the living requirements for a family of three residing in Busan. It is calculated as an hourly wage based on the legal working hours of 209 per month or as a minimum monthly salary of 2,372,150 won. The new living wage will be implemented for certain workers across the city.
-Grow your family
In line with the national priority of reversing the low birth rate and creating a more family-friendly society, Busan and the central government provide families with some financial support. All Korean children, regardless of their parents' nationality, are eligible to receive the following benefits.
Starting Jan. 1, parents with children under 24 months will receive a higher government stipend. Children under 12 months will receive 1 million won per month, while those under 24 months will receive 500,000 won. These are increases over last year's 700,000 won and 350,000 won, respectively.
The benefit for children under 12 months will be given as cash. Parents of children under 24 months can receive the benefit either as cash or as a childcare voucher if the child is enrolled at a daycare center.
In addition, the national First Meet Voucher now stands at 3,000,000 won. Families who have an additional child in 2024 will receive 3,000,000 won per child in the form of Citizens Happiness Card credits, which can be used like cash at offline and online stores.
To apply for these benefits, visit the administrative welfare center having jurisdiction over the child's residence or check the Bokjiro website (bokjiro.go.kr)
Finally, beginning on Feb. 1, children under 12 years old will be covered under Busan Citizen Safety Insurance, a system in which the city directly contracts with an insurance company to cover citizens and family members of those who have died, suffered or been injured due to accidents or natural disasters.
Children who are injured and require more than four weeks of treatment will be eligible to receive compensation of 100,000 won, and insurance premiums that arise will be paid in full by the city.
All Busan citizens, including foreigners with legal residency status, are automatically registered for the coverage.