Kim Kyung-soo Proposes "1 Million Won Nationwide Disaster Basic Income" Payment

"Domestic Market Expansion Needed to Revitalize the Economy"

Gyeongnam Governor Kim Kyung-soo is holding a press conference on COVID-19 at the provincial press center on the 8th. (Photo by Kang Woo-kwon)

[Asia Economy Yeongnam Reporting Headquarters Reporter Kang Woo-kwon] Kim Kyung-soo, Governor of Gyeongnam Province, proposed on the 8th to provide disaster basic income of 1 million won in relation to the novel coronavirus infection (COVID-19) crisis.

Governor Kim stated, "I propose to the government and the National Assembly to temporarily provide disaster basic income of 1 million won to all citizens," and explained, "A drastic measure is needed to boldly expand the domestic market."

He continued, "If disaster basic income of 1 million won per person is paid to all citizens, about 51 trillion won in funds will be required. If 500,000 won per person is paid, it can be done with 26 trillion won," adding, "This year, the economy can be revitalized through disaster basic income, and the financial burden can be alleviated through increased tax revenue next year."

Additionally, Governor Kim predicted, "For high-income groups, the fixed amount paid will be reclaimed when paying taxes next year, and as the domestic market expands and the economy revitalizes, overall tax revenue will also increase."

Governor Kim explained, "Disaster basic income is not simply cash welfare. It is a large-scale investment to revive the depressed domestic market," and added, "It is an investment that will be the hope of ordinary people who are struggling day by day."

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