Many changes in the country’s administrative and legal systems have come into force with the onset of the new year as the government seeks to balance relief for livelihoods with persistent inflation.

Taxation laws on housing and income have been revised to reduce taxpayers’ burdens, including changes to the comprehensive real estate holding tax, in accordance with the Yoon Suk Yeol administration’s deregulatory policies.

The minimum wage has been raised five percent on-year to nine-thousand-620 won per hour.

Amid inflation, gasoline prices are expected to rise by nearly 100 won per liter following the government’s reduction in fuel tax cuts, while electricity fares will increase by a monthly average of four-thousand won, or three dollars and 15 cents, for a four-person household.

The basic taxi fare in Seoul will rise by one-thousand won to four-thousand-800 won from February, and both subway and bus fares are expected to increase by 300 won starting in April.

Starting in June, the international age system of counting from zero at birth will apply across the board to mitigate administrative and social confusion stemming from the use of multiple systems.

Source: KBS World Radio