Basic Income Party Proposes Giving 300,000 Won Monthly Until Age 18... Pushes for Expansion of Child Allowance

[Image source=Yonhap News]

[Asia Economy Reporter Jeon Jinyoung] Yong Hyein, a member of the Basic Income Party, announced on the 25th that she is pushing for the proposal of the ‘First Lifetime Basic Income Act,’ which expands the child allowance to provide 300,000 KRW monthly to adolescents up to 18 years old.

In a press release on the same day, Representative Yong stated, “We will revise the current Child Allowance Act, which provides 100,000 KRW monthly up to age 7, into the Child and Youth Allowance Act, and promote a bill that grants 300,000 KRW monthly to all children and adolescents under 18.” Adolescents over 14 years old can receive the allowance directly into their own accounts instead of through their guardians.

She explained, “If the bill passes, it will be the first nationwide categorical basic income covering children and adolescents. Although categorical basic income paid to specific age groups is incomplete compared to universal basic income paid to all citizens, it is recognized as a transitional basic income because it is paid to the entire population group within the age category.”

She added, “We plan to gradually introduce the transitional basic income system,” emphasizing, “We will continue to simultaneously promote categorical basic incomes by life cycle, carbon tax basic income, land holding tax basic income, and other partial basic incomes that distribute shared wealth.”

The Basic Income Party plans to prepare the bill aiming for submission at the March extraordinary session of the National Assembly.

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