Kim Yong-beom, Vice Minister, Discusses Policies on Life Cycle and Living Foundations for Single-Person Households (Comprehensive)

'One Step Model' to Be Confirmed and Announced Soon
"It's Now Time to Include Neon Swan as Well"

[Asia Economy Reporter Jang Sehee] Kim Yongbeom, First Vice Minister of the Ministry of Economy and Finance, said on the 8th, "We will conduct in-depth discussions and make improvements on whether the policies prepared for single-person households according to their life cycle (youth, middle-aged, elderly) and living conditions (income, employment, care, safety, social networks) are sufficient."

On the same day, Vice Minister Kim presided over the '9th Innovation Growth Strategy Review Meeting and Policy Review Meeting' held at the Government Seoul Office and stated, "Due to social distancing and the spread of untact culture, the social isolation of single-person households, whose connections to the world are weak, is increasing."

At the meeting, discussions were held on the promotion plan for the Han-georeum model, the current status and future plans of policies for single-person households, the status of policy responses and publicity for major sectors related to the novel coronavirus infection (COVID-19).

Vice Minister Kim explained, "Recently, employment adjustments due to COVID-19 have been concentrated on vulnerable groups such as temporary daily workers and self-employed persons, who have a high proportion of single-person households, severely threatening their economic livelihood."

He added, "Responses to demographic and social structural changes cannot be solved by one-time measures alone," emphasizing, "We will continue efforts at the whole-government and national level by gathering wisdom from related ministries and private experts."

The government also discussed plans to establish the Han-georeum model, a social compromise mechanism for introducing new businesses.

Vice Minister Kim said, "As the trend of the 4th Industrial Revolution accelerates, demand for new industries is greatly increasing," and mentioned, "We will promptly finalize and announce measures to promote innovation based on coexistence."

Regarding the COVID-19 situation, he stated, "It has raised awareness that any situation can occur in the global economy," and added, "The term 'black swan,' which refers to low-probability but high-impact events, is now commonly used."

He also expressed concern, saying, "The 'neon swan,' which means an absolutely impossible situation that shines by itself, can no longer be excluded."

Vice Minister Kim said, "The strategies chosen during this period of upheaval will determine the course of the post-COVID era," and expressed, "The government will coldly recognize the reality of our economy and prepare at every moment with an attitude that considers even the worst-case scenarios."

This content was produced with the assistance of AI translation services.