The monthly average nominal income of households with at least two family members, which exclude farm families, came in at 5,161,000 won (4,670 U.S. dollars) in the October-December quarter of 2020, up 1.8 percent from a year earlier, according to Statistics Korea.
Earned income, which accounts for about two-thirds of the total household income, shed 0.5 percent over the year to 3,401,000 won (3,080 U.S. dollars) in the fourth quarter, after skidding 1.1 percent in the previous quarter.
It was attributed to the COVID-19 pandemic that roiled the domestic labor market. The number of jobs contracted 421,000 in October, 273,000 in November and 628,000 in December each on a yearly basis.
Business income declined 5.1 percent to 994,000 won (900 U.S. dollars) in the fourth quarter, after sliding 1.0 percent in the third quarter.
Microbusiness owners were hit hard by the tightened quarantine measures coming from the COVID-19 resurgence that continued since November.
Both the earned and the business incomes went down for the third consecutive quarter, marking the first time since data began to be compiled in 2003.
It was offset by the government's financial support. The public transfer income, including public benefits and grants, jumped 22.7 percent over the year to 417,000 won (380 U.S. dollars) in the fourth quarter.
Property income increased 7.4 percent in the fourth quarter, after expanding 18.5 percent in the previous quarter.
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