Sim Sang-jung "Guarantee a Minimum Income of 1 Million Won to All Citizens"

Integration of Current Livelihood Benefits, Self-Support Benefits, and Earned Income Tax Credit... Will Become a Social Wage Received by Half of Citizens
Implement 'Real-Time Income Tracking' Immediately Upon Inauguration to Enforce 'National Income Insurance'
Expand and Increase Child Allowances and Basic Pensions Previously Limited to Specific Groups

[Asia Economy Reporter Oh Ju-yeon] On the 16th, Sim Sang-jung, the Justice Party presidential candidate, pledged to "guarantee a 'Citizen Minimum Income of 1 million won' to all citizens."

On this day, Candidate Sim held a press conference at the National Assembly and spoke about 'income security' as the first vision of the Justice Party's '21st Century New Welfare State.' Regarding the 'Citizen Minimum Income of 1 million won' (based on a single-person household), Sim explained, "It is an income security plan to eradicate poverty by integrating the current livelihood benefits, self-support benefits, and earned income tax credits," adding, "Since it is designed for citizens with less than 100% of the median income, it is a social wage received by nearly half of the citizens."

[Image source=Yonhap News]

He also emphasized that the cash benefits would be simply integrated for easy access by citizens and designed so that total income increases even if market income is earned through work.

Candidate Sim pointed out, "In 2019, South Korea's relative poverty rate was 16.3%, but last year, only about 1.3 million people, or 2.5% of the population, received livelihood benefits under the National Basic Livelihood Security System," adding, "Many citizens who need income security are still excluded, which is a neglect of the state's responsibility."

Furthermore, Candidate Sim emphasized completing a 'Universal Income Insurance' that includes even low-income unstable workers in social insurance. Although the government is currently promoting real-time income tracking for universal employment insurance, it is limited to employment insurance and lacks clear plans for income tracking of special employment workers and self-employed individuals, whose employers are difficult to identify, thus effectively remaining a 'half' income insurance.

Candidate Sim stated that the Universal Income Insurance is an "'income-based social insurance' that automatically enrolls individuals in social insurance when income is generated, beyond employment status," and said, "I will promote 'real-time income tracking' as a core national agenda immediately upon taking office." Based on this, it will be possible to systematically track the income of special employment workers and self-employed individuals, enabling the implementation of 'Universal Income Insurance.'

He also announced plans to introduce a 'Categorical Basic Income' to expand and increase social benefits limited to specific population groups, such as child allowances and basic pensions. The child allowance will be expanded to a child and youth allowance covering adolescents, and the basic pension will be raised to an appropriate level for the living standards of low-income elderly people.

Candidate Sim emphasized, "The 21st Century New Welfare State will complete South Korea as an 'Equal Citizen Republic,'" and urged, "Please respond to Sim Sang-jung's bold proposal."

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