S Korea's household income growth hits record high in Q3

SEOUL - South Korea's household income growth hit a record high in the third quarter, owing to economic recovery from the COVID-19 pandemic and the government's offer of relief grants to help overcome the pandemic, statistical office data showed Thursday.

The monthly average income of households with one or more family members, which includes farming families, stood at 4,729,000 won ($4,000) in the July-September quarter, up 8 percent from the same quarter of last year, according to Statistics Korea.

It was the fastest quarterly increase since relevant data began to be compiled in 2006. The real household income, adjusted for inflation, had gained 5.3 percent in the quarter.

Earned income on a monthly average basis expanded 6.2 percent over the year to 2,954,000 won ($2,500) in the third quarter, while transfer income surged 25.3 percent to 804,000 won ($680).

The public transfer income soared 30.4 percent in the cited quarter, as the government provided stimulus checks to households to stoke private consumption and help raise the revenue of the self-employed micro business owners.

Business income added 3.7 percent from a year earlier to 885,000 won ($750) in the third quarter.