Lee Jae-myung's 'Public Development Profit Return to Residents System' Implementation Countdown Begins

[Asia Economy (Suwon) = Reporter Lee Young-gyu] As experimental policies of Gyeonggi Province, such as the Public Development Profit Return to Residents System and Rural Basic Income, are gradually taking shape, they are entering the final countdown to implementation.

Gyeonggi Province is currently promoting the enactment of an ordinance for the 'Public Development Profit Return to Residents System,' which reinvests development profits into rental housing and other areas for the benefit of residents. This system is a key real estate policy of Governor Lee Jae-myung. It recently passed the standing committee of the Provincial Council and will be fully implemented once it passes the plenary session on the 20th.

The province is also pushing for the introduction of a 'Rural Basic Income' as an alternative to revitalize disappearing rural areas. It recently received positive evaluations at an expert meeting held by the Ministry of Health and Welfare, giving momentum to the project. The Rural Basic Income is one of the basic income policies that Governor Lee is experimentally promoting for rural areas ahead of the nationwide basic income.

Meanwhile, the province recently formed a committee to support essential workers such as delivery workers. This was launched in line with Governor Lee’s motto of "a world where workers are respected." The committee will review and advise on various policies going forward.

◆ Final Countdown to the Implementation of the Public Development Profit Return to Residents System

The Gyeonggi Provincial Council amended and approved the 'Ordinance on the Establishment and Operation of the Gyeonggi Province Development Profit Return Fund' on the 14th. The Public Development Profit Return to Residents System is designed to prevent development profits from being excessively privatized by specific groups and to reinvest these profits into rental housing or public facilities for the benefit of residents. The amended ordinance serves as the legal basis for implementing this system. It establishes the Gyeonggi Province Development Profit Return Fund and includes necessary provisions for its operation.

The Provincial Council will make the final decision on the 'Ordinance on the Establishment and Operation of the Gyeonggi Province Development Profit Return Fund' at the plenary session of the extraordinary meeting on the 20th.

Earlier, in March, Gyeonggi Province announced plans to create the Development Profit Return Fund. Son Im-seong, Director of the Provincial Urban Policy Office, explained, "We decided to establish the Gyeonggi Province Development Profit Return Fund to solve the problem where reinvestment of development profits is limited to specific areas and does not benefit all residents."

The province expects to accumulate 146.6 billion KRW over five years until 2025 by annually allocating a portion of the public development profits from Gyeonggi Housing and Urban Corporation (GH) to the fund, considering investment plans.

◆ Green Light for the Implementation of 'Rural Basic Income'... Scheduled for Next Year

The Gyeonggi Province-type Rural Basic Income, proposed as an alternative to revitalize disappearing rural areas, received positive feedback at an expert meeting held by the Ministry of Health and Welfare, giving the project a green light. The province recently held a 'Rural Basic Income Pilot Project Expert Meeting' with the Ministry of Health and Welfare and confirmed a consensus on the necessity of the pilot project.

Unlike the Farmer Basic Income, which is paid to individual farmers, the Rural Basic Income is a project implemented for all residents of specific rural areas, distinguishing it from the Farmer Basic Income.

However, it is expected to be difficult to implement the Rural Basic Income within this year. This is because the 'Ordinance on Social Experimentation of Rural Basic Income,' which the province announced for legislative notice in April, was not submitted to this month's extraordinary session and can only be reviewed at the extraordinary session scheduled for September.

The Provincial Council plans to review the related ordinance after completing consultations with the government and social security systems. Accordingly, the province plans to finalize the schedule for submitting the Rural Basic Income to the Social Security Council and begin preparatory work for the project through a second meeting with the Ministry of Health and Welfare at the end of this month. The province had previously allocated a related budget of 2.6 billion KRW on the premise of implementing the Rural Basic Income in the second half of this year.

◆ Launch of the Gyeonggi Province Essential Workers Support Committee

On the 14th, Gyeonggi Province formed the Essential Workers Support Committee. Essential workers are those working in fields crucial for public safety and the maintenance of basic social functions, such as care, healthcare, hygiene and waste management, delivery and logistics, transportation, and public safety management.

The committee is an advisory body formed to gather opinions from experts in various fields to establish and implement labor rights protection policies, including improving the vulnerable working conditions of essential workers and resolving employment insecurity.

The committee will deliberate and advise on matters such as the designation of essential labor sectors during disaster situations (such as COVID-19), the promotion of support projects for essential workers, and the establishment and implementation of essential worker support plans at the provincial level.

Before forming the committee, the province held an 'Essential Workers Support Policy Forum' in May last year to protect the rights and interests of essential workers. In March this year, it enacted the 'Ordinance on Support for Essential Workers in Gyeonggi Province.'

Kim Jong-gu, Director of the Provincial Labor Bureau, emphasized, "The unprecedented disaster situation like COVID-19 has made our society realize the importance of essential workers. We will actively strive to recognize and protect essential workers as national resources and realize a fair world where genuine labor is respected."

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