S.Korea's household income growth hits record high in Q2

South Korea's household income growth hit a record high in the second quarter due to the eased measures against the COVID-19 pandemic and the government's offer of relief grants for small businesses, statistical office data showed Thursday.

The monthly average income per household with one or more family members stood at 4,831,000 won (3,660 U.S. dollars) in the April-June quarter, up 12.7 percent from the same quarter of last year, according to Statistics Korea.

It marked the fastest quarterly increase since relevant data began to be compiled in 2006. Real household income, adjusted for inflation, gained 6.9 percent in the quarter.

Earned income on a monthly average basis expanded 5.3 percent over the year to 2,887,000 won in the second quarter, and business income advanced 14.9 percent to 927,000 won.

The government has lifted all anti-virus measures since April, except an indoor mask mandate, helping raise revenue especially among services companies.

The continued job growth also contributed to the higher earned income.

Transfer income surged 44.9 percent to 893,000 won in the cited quarter as the government gave relief grants to small merchants and the self-employed to make up for their losses, caused by the anti-virus measures.

Public transfer income spiked 61.5 percent thanks to the relief grants, while private transfer income grew 9.2 percent in the second quarter. (1 U.S. dollar equals 1,319.33 won)