Lee Jae-myung Opposes 'Basic Income'... Lee Nak-yeon Proposes 'New Welfare', Jeong Sye-gyun Advocates 'Basic Assets'

Lee Nak-yeon Unveils 'New Welfare System'... Announces Policies in 8 Areas Including Income and Housing
Chung Sye-kyun Pledges 100 Million Won Basic Assets for Young Adults, "Will Announce Support Measures"
Lee Jae-myung Responds Positively, "Hope to Have a Public Debate Someday"

[Asia Economy Reporters Oh Ju-yeon and Jeon Jin-young] The presidential candidates of the Democratic Party of Korea have begun to assert their presence by presenting economic policies in response to Gyeonggi Province Governor Lee Jae-myung's ‘basic income.’ It is expected that after the party convention to elect the next party leader on the 2nd, they will actively pursue their presidential campaigns based on these policies.

On the 30th, a concrete proposal for the ‘New Welfare System,’ which provides insight into former Democratic Party leader Lee Nak-yeon's presidential vision, was released. On this day, the Democratic Party’s ‘National Living Standards 2030 Special Committee’ (Special Committee) announced policy tasks in eight areas: income, housing, care, medical care, culture and sports, environment, education, and labor. The Special Committee, launched under Lee’s leadership on February 26, has been actively working since March to select policy tasks aimed at deriving national living standards. Although it is a Democratic Party Special Committee, it was created to materialize Lee’s New Welfare System vision, so it can be regarded as Lee’s presidential economic policy pledge. Lee is expected to deliver a message related to his presidential campaign as early as the 4th of next month.

Former leader of the Democratic Party Lee Nak-yeon is answering reporters' questions as he leaves his home in Jongno-gu, Seoul, after completing self-quarantine on the 15th. Photo by National Assembly Press Photographers Group

The National Living Standards aim to pursue a ‘universal social protection system’ by achieving minimum living standards and adequate living standards guaranteed to all citizens. While it shares the same vein as Governor Lee’s basic income, it differs in that it covers a broader framework. Kim Yeon-myung, former Blue House social secretary who participated in designing the New Welfare System, explained the system as a higher-level concept in a lecture before the Special Committee’s launch, stating, "Basic income is not a panacea." The Special Committee plans to prepare a detailed proposal by September and incorporate the finalized agenda into the core pledges of the Democratic Party’s next presidential candidate in the upcoming presidential election.

Another ruling party presidential candidate, former Prime Minister Chung Sye-kyun, is also responding to Governor Lee’s basic income by proposing a concept similar to basic assets. In an interview with YTN Radio’s ‘Hwang Bo-seon’s Start New Morning’ on the same day, Chung said about his presidential pledge to provide 100 million won as basic assets to young adults entering society, "I will create and announce a complete policy including funding measures."

On the previous day, Chung revealed his plan during a lecture at Gwangju University in Nam-gu, Gwangju, stating, "We are designing a policy to support 100 million won in a 20-year accumulation scheme so that all newborns can build a foundation for independence without relying on parental support when they become young adults." This is significant as it is his first official pledge since resigning as Prime Minister on the 16th and starting his presidential campaign.

In addition, Kim Du-kwan, a lawmaker who has officially declared his presidential candidacy, proposed the ‘National Basic Asset System,’ which provides 20 million won in assets to newborns, managed by the state, and returns 50 million won when they reach adulthood. Ruling party presidential candidates are differentiating themselves by presenting welfare plans in response to Governor Lee’s basic income. Governor Lee responded positively, saying, "It would be good to have a public debate someday."

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