Yoon Seok-yeol "Will Innovate with a Happy Economy"... Announces Job and Welfare Pledges

Yoon Seok-yeol, the People Power Party's presidential candidate (Photo by Yonhap News)

[Asia Economy Reporter Geum Bo-ryeong] Yoon Seok-yeol, the presidential candidate of the People Power Party, emphasized the "Era of National Happiness" and presented pledges for "creating good jobs" and "thorough and substantial welfare."

On the 26th, Yoon held a press conference at the People Power Party Central Office in Yeouido, Seoul, regarding the "Common Sense Restoration Pledge - Virtuous Cycle of Growth and Welfare," stating, "We will innovate from a growth economy that only increases scale to a happiness economy that improves quality of life."

He continued, "A happiness economy is one where no citizen is left behind or marginalized," emphasizing, "The fruits of growth will return to each citizen through jobs and welfare."

First, Yoon plans to create creative jobs by establishing a new industry ecosystem centered on convergence industries. He aims to develop a central new industry belt including Osong-Ochang's biotechnology (BT), Daedeok's information and communication technology (IT), nanotechnology (NT), and Sejong's smart administration into a cutting-edge cluster focused on research and development (R&D) and startups. To attract talented personnel, he will improve the stock option system by raising the tax-exempt limit on stock option exercises from 30 million won to 200 million won.

He will also promote customized job policies according to rapidly changing industrial demands. This includes university startup hubs for people in their 20s and 30s, activation of in-house ventures for those in their 30s and 40s, and digital competency enhancement education for people in their 40s and 50s.

Support for small and medium-sized enterprises (SMEs) and mid-sized companies to enter new industries will include long-term financial support, R&D support, expansion of investment tax credits, and strengthening of customized innovative professional manpower. In particular, for mid-sized companies' new business investments, a 10% investment tax credit and a 25% R&D tax credit will be expanded to maintain support at the level of SMEs.

For thorough and substantial welfare, Yoon plans to expand the median income threshold for livelihood benefits under the National Basic Livelihood Security from 30% to 35%. This is expected to benefit an additional 210,000 people. Furthermore, through the asset cut-off system and additional benefits for children, the elderly, and the disabled, about 850,000 more people are expected to benefit compared to the current system.

Yoon intends to raise the income criteria for the Earned Income Tax Credit (EITC) by up to 20% and relax asset requirements to help low-income groups escape poverty. For recipients of basic livelihood security, deductions for earned and business income in determining benefit amounts will be expanded up to 50%.

Additionally, the emergency welfare support system will be expanded and reorganized into the "National Safety Support System." Yoon explained, "If a household head dies, loses a job, divorces, or faces illness causing difficulty in livelihood, anyone will be able to receive prompt and sufficient support."

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