Lee Jae-myung "Fiscal Burden, Will Delay Basic Income Slightly"

Candidate Lee's Key Pledge 'Basic Income'... "State Financial Difficulties Cause Some Overlaps"

[Image source=Yonhap News]

[Asia Economy Reporter Baek Kyunghwan] Lee Jae-myung, the Democratic Party presidential candidate, announced that he would postpone the implementation of basic income due to fiscal burdens. Lee aims to start with 250,000 KRW annually and expand it to 1,000,000 KRW per year by the end of his term.

On the 26th, during a campaign event in front of Uijeongbu Station in Gyeonggi Province, Lee stated, "The national financial situation is very difficult, and since basic income overlaps with other benefits, there is a fiscal burden, so I will postpone it a little. I will focus on overcoming COVID-19 without fiscal problems."

Basic income is Lee's flagship pledge, and he has expressed his intention to promote it based on public consent. Starting at 250,000 KRW annually and expanding to 1,000,000 KRW by the end of his term, the funding will be secured by introducing a land tax and a carbon tax. Lee explained, "Our country has the highest household debt ratio in the world. Redistribution income is the lowest globally. Since the government does not bear the burden, our national debt ratio is the lowest in the world."

Additionally, Lee criticized Yoon Seok-youl, the People Power Party candidate, who said, "If I become president, I will support up to 10 million KRW" for small business owners and self-employed people affected by COVID-19, saying, "They opposed even supporting 3 million KRW, preventing it from happening, then eventually agreed and were criticized for vote-buying, and now they say they will support 10 million KRW."

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