The 'Earned Income Tax Credit (EITC),' a representative welfare program designed to boost the real income of low-income workers and self-employed households, provides up to 3.3 million won depending on household type.

■ Maximum Payment by Household Type According to the National Tax Service, households meeting income and asset requirements are eligible. The maximum payment per household is 1.65 million won for single-person households, 2.85 million won for single-earner households, and 3.3 million won for dual-earner households.

■ Income Criteria Single-person households must have an annual total income of less than 22 million won, single-earner households less than 32 million won, and dual-earner households less than 44 million won.

■ Asset Criteria Total assets for all household members must be less than 240 million won. However, if total assets range from 170 million won to less than 240 million won, only 50% of the calculated credit will be paid.

■ Application Method and Schedule Regular applications are accepted annually from May 1 to early June, and payments are typically made by the end of September after National Tax Service review. Applications can be submitted via Hometax, Sontax (mobile), ARS phone, or the QR code on notification letters. Even if you did not receive a notification letter, you can apply directly as long as you meet the eligibility requirements.

If you miss the regular application period, you can file a late application from early June through December 1, but note that you will receive only 95% of the payment amount.

Workers with only employment income may also apply on a semi-annual basis. This method splits the application into first and second half incomes, with the second-half income filed in March of the following year and settled and paid by the end of June.

■ Expert Advice Experts advise that since the EITC goes beyond a simple tax benefit and serves as a vital program for stabilizing the livelihoods of low-income households, it is necessary to check eligibility and asset criteria in advance. In particular, since deposits, vehicles, and jeonse (lease) deposits are counted as assets, simply meeting income requirements does not automatically make one eligible for payment.

[This article was written with the assistance of AI. EITC eligibility requirements and detailed criteria may change in accordance with relevant laws and National Tax Service guidelines, so official materials must be reviewed before applying.]