Ruling Party Proposes Basic Income Bill "100% Cash... Jointly Proposed by Over 10 Members"

Assemblyman So Byung-hoon of the Democratic Party of Korea. / Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Park Cheol-eung] The ruling party will introduce a basic income bill within this month. The principle is to provide cash payments to all citizens, with about 10 lawmakers participating.

On the 14th, So Byeong-hoon, a member of the Democratic Party of Korea, said in a phone interview with Asia Economy, "We are in the final stages of coordinating the (Basic Income Act) and plan to submit it as soon as possible within this month," adding, "About 10 lawmakers have agreed to be joint sponsors."

Like the basic income bill recently proposed by Jo Jeong-hoon of the Transition Korea party, who requested joint sponsorship, So’s bill is based on the principle of unconditional, universal payments without selection. While Jo’s bill allows payments in both cash and local currency, So’s bill differs in that it provides payments only in cash.

So said, "Except for not including local currency, the bill shares the principle of unconditional payments to all citizens similar to Jo’s bill," adding, "We plan to establish a special basic income account, but there are legal system adjustments that delayed the initial expected submission. We will proceed promptly."

He is a leading advocate for basic income within the Democratic Party. He has proposed forming a Basic Income Committee composed of government and private experts and suggested securing funding based on shared assets such as data usage fees. Gyeonggi Province is promoting a concept called 'data dividends,' which returns part of corporate profits to consumers who contribute to data production in the form of local currency.

Jo’s bill includes the principle of indiscriminate, unconditional, individual, and regular cash payments. However, it also allows payments in local currency to help stimulate domestic consumption. Additionally, it establishes a legal basis for temporary support payments during economic and social disasters.

The People Power Party incorporated the phrase "The state actively supports individuals to lead stable and free lives through basic income in preparation for the Fourth Industrial Revolution era" into its fully revised platform earlier this month. Seong Il-jong, a member of the People Power Party, also proposed a "Basic Income Introduction Research Bill" in June.

Once the ruling party’s basic income bill is introduced, it is expected to become the focal point for more active political discussions.

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