Oh Se-hoon proposes 'Children's Fund'... "To give 40 million won lump sum when they become adults"
A Change That Creates a Fair Starting Line
Seoul Mayor Oh Se-hoon proposed a 'Children's Fund' as a solution to close the youth asset gap, where national funds and parental contributions accumulate into a lump sum by the time the child reaches adulthood.
On the 25th, Mayor Oh stated on Facebook, "While the government-provided parental allowance and child benefits are certainly positive policies, it is now time to take a step further."
First, Mayor Oh highlighted the severity of the asset gap. He said, "Starting points differ depending on parents' economic power, and young people from disadvantaged backgrounds find it difficult to even afford tuition or rent despite their efforts," adding, "If this situation continues, asset inequality will deepen further, threatening not only social integration but also the nation's growth potential."
He then cited the example of the United Kingdom. Mayor Oh explained, "The ‘Child Trust Fund (CTF)’ implemented in the UK in the past was a long-term investment system where the government provided initial funds to children and parents made additional contributions, resulting in a lump sum when the child became an adult," and argued, "Now, we too should go beyond cash payments like parental allowances and offer the option for parents to make long-term investments in funds or savings accounts under the child's name if they wish."
Mayor Oh named this the 'Child Seed Money Fund' and 'Child Seed Money Savings.' He projected, "If this system is established, children will have about 40 million won in a lump sum by the age of 18, providing a foundation to plan their own futures," and added, "Beyond empowering individual young lives, it will be a meaningful change that creates a fair starting line for our society."
Hot Picks Today
"Samsung Electronics Employee with 100 Million Won Salary Receiving 600 Million Won Bonus... Estimated Tax Revealed"
- "Only Two Per Person" Garbage Bag Crisis Was Just Yesterday... Japan Also Faces Shortage Anxiety
- Lived as Family for Over 30 Years... Daughter-in-Law Cast Aside After Husband's Death
- Despite ‘Tank Day’ Controversy, Gwangju Schools Purchased Starbucks Gift Certificates
- "Wore It Once, Then This? White Spots All Over 4.15 Million Won Prada Jacket... 'Full Refund Ordered'"
He further noted that the Children's Fund idea would also benefit the capital market. Mayor Oh said, "Long-term and stable funds will flow into the domestic stock market, creating a virtuous cycle where companies can continuously grow," and suggested, "Our society must now move toward policies that genuinely change the lives of future generations through ‘investment’ rather than mere ‘support.’"
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
