Jeong Sye-gyun Announces Presidential Pledge to Open Era of 1 Million Won Pension for All Citizens

[Image source=Yonhap News]

[Asia Economy Reporter Jeon Jinyoung] Jeong Se-gyun, a presidential candidate from the ruling party, announced on the 20th his campaign pledge to "open an era of a 1 million won pension for all citizens."

Jeong held a press conference at the National Assembly Communication Office that morning and stated, "We will guarantee a minimum of 1 million won to all citizens through public pensions, including the basic pension of 300,000 won and the national pension."

He said, "If 1 million won is not sufficient, we will introduce a supplementary pension system similar to Canada’s GIS (Guaranteed Income Supplement) to decisively solve the problem of old-age poverty."

He added, "I will begin reforming the national pension as soon as my presidential term starts." Jeong emphasized, "I will definitely resolve the two goals of strengthening old-age income security and financial stability through social consensus."

In addition, he revealed other presidential plans such as implementing nationwide social insurance, abolishing the support obligation for basic living security livelihood benefits by 2022, and introducing community care.

After the press conference, Jeong explained to reporters, "The starting point of welfare in the Republic of Korea has progressed from family welfare to corporate and social levels. Now, my view is that we should reduce the burden at the family welfare level while increasing the responsibility of the state."

Regarding funding measures, he stated, "The basic income proposed by Gyeonggi Province Governor Lee Jae-myung is 50 trillion won. With 50 trillion won, all these policies can be implemented with surplus remaining. This is not a policy that requires an astronomical amount of money."

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