Seoul Institute, Policy Forum on 'Enhancing Income Stability for Seoul Citizens'

Assessment of Income Instability Among Seoul Citizens and the Effectiveness of Alternative Income Security Systems Such as the 'Wealth Income Tax'

[Asia Economy Reporter Lim Cheol-young] The Seoul Institute will hold a "Policy Forum to Enhance Income Stability of Seoul Citizens" on the 29th at the Seoul Institute's main conference room.

The first presentation of the forum, which will proceed in the order of research result presentation, designated discussion, and comprehensive discussion, will be given by Byeon Geum-seon, Associate Research Fellow at the Seoul Institute, introducing an analysis of the "Income Instability Status of Seoul Citizens." Using data from the Korea Welfare Panel Study, the results analyzing changes in income status such as income decline, poverty, entry into and exit from low income among Seoul citizens from 2015 to 2020 will be shared. Additionally, the necessity of establishing a proactive income support system to respond to the increasing trend of income instability among Seoul citizens will also be presented.

The second presentation will be delivered by Lee Won-jin, Associate Research Fellow at the Korea Institute for Health and Social Affairs, on the topic of "The Impact of Alternative Income Security Systems on Income Distribution and Income Mobility." Through simulation analysis applying the current income security system, basic income model, and wealth income tax to Seoul citizens' income data from 2018 and 2019, the effectiveness of alternative income support systems will be assessed by examining changes in poverty rates and income decline rates.

During the designated discussion session, Professor Koo In-hoe of Seoul National University's Department of Social Welfare will serve as the chair, with participation from academic experts and Seoul city officials including Moon Hye-jin (Seoul Welfare Foundation), Lee Seung-ho (Korea Labor Institute), Noh Hye-jin (Kangseo University), Choi Young-jun (Yonsei University), Oh Geon-ho (Nega Mandeuneun Bokji Gukga), and Jung Eun-hee (Korea Institute for Health and Social Affairs).

This policy forum will be conducted in a hybrid format, both online and offline, to prevent COVID-19 infection. Park Hyung-soo, President of the Seoul Institute, stated, "Seoul is responding to the changing socio-economic structure through innovative attempts to supplement the limitations of existing income security systems, such as conducting the pilot project for guaranteed income," and added, "We hope this policy forum will be a valuable opportunity to share the current status of income instability among Seoul citizens, which is not captured by existing poverty and inequality indicators, and to discuss an appropriate income support system to enhance income stability for Seoul citizens in the future."

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