Lee Jae-myung Submits 10 Major Pledges Including '4-Year Two-Term Constitutional Amendment' and '1 Million Won Basic Income'

Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, is attending the joint meeting of city and provincial party chairpersons held at the central party office in Yeouido, Seoul, on the 7th, delivering a greeting. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Ki-min Lee] On the 11th, Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, submitted his 'Top 10 pledges' to the National Election Commission, which include constitutional amendments for a four-year presidential term with one re-election and the promotion of an annual universal basic income of 1 million KRW during the term.

Among the Top 10 pledges, under the theme of 'Political and Judicial Reform for a Democratic Society,' he stated, "We will pursue constitutional amendments to codify new fundamental rights such as the right to life and establish a four-year presidential term with one re-election. We will create a working National Assembly that properly reflects the people's will." He also said, "We will strengthen the protection of citizens' human rights during investigations and realize citizen-centered trials and legal assistance services."

This is the first time Candidate Lee has officially included the four-year presidential term with one re-election as a presidential campaign pledge. Until now, while supporting the four-year term with one re-election, he had taken the position that constitutional amendments on the power structure are difficult in reality and that amendments should be made gradually starting with agreeable content.

In addition, the campaign headquarters announced, under the theme of 'Guaranteeing Economic Fundamental Rights and Building a Youth Opportunity Nation,' that through public discussions by the Presidential Basic Income Committee and gathering public opinion, they will promote the payment of a universal basic income starting at 250,000 KRW annually and expanding to 1 million KRW annually during the term.

They also promised to introduce a basic loan with low interest rates up to 10 million KRW for young people in their 20s and 30s, a basic savings account with interest rates higher than deposit rates, and to supply 1.4 million units of various types of basic housing. In particular, they pledged to prioritize allocating 30% of new housing units to young people purchasing their first home in their lifetime.

As an economic pledge under the theme of 'New Economy, Achieving Comprehensive National Power as a Top 5 Global Economy,' they proposed achieving 1 trillion USD in exports through industrial innovation, reaching a national income of 50,000 USD, and building infrastructure such as an energy highway.

Furthermore, the pledges include overcoming COVID-19, supporting small business owners affected by the pandemic, promoting balanced development through mega-city projects and additional relocation of public institutions, building a smart strong military, and pursuing practical diplomacy, which have been emphasized previously.

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