Park Hyungjun Announces First Youth Pledge: 100 Million Won Asset-Building Plan for Busan Youth

Asset-Building Program Reaches 100 Million Won Through Fund Profits
30 Million Won Savings Matched With 70 Million Won Support
"Enabling Youth to Build Wealth by Staying in Busan"

Park Hyungjun, the candidate for mayor of Busan from the People Power Party, announced his first major campaign pledge on April 29, with a focus on helping young people build assets.

On this day, Park unveiled his first pledge at the Busan City Council briefing room: the youth asset-building project, titled "YES to Composite Income! NO to Basic Income! Youth Can Reach 100 Million Won!" It will be released under this slogan.

Hyungjun Park, People Power Party candidate for Busan mayor. Hyungjun Park campaign headquarters

This initiative is designed so that young people in Busan can accumulate at least 100 million won in assets by saving 250,000 won each month for 10 years. The structure supports asset-building by combining the 30 million won saved by the youth themselves, matching funds from the city of Busan, and 70 million won in profits from the operation of the Busan Future Fund.

The core of this policy is a transition to the "composite income era." The plan reflects concerns that, with artificial intelligence (AI) and automation rapidly transforming the labor market, the era when one could structure their life around wage-based income alone has reached its limits.

Park drew a clear line against simple "handout" policies. The plan envisions nurturing young people to become financial decision-makers capable of designing their own assets, by running the "Busan-Style Financial Citizen" program—which provides education in saving, investing, credit, and risk management from before and after high school graduation—in conjunction with the Busan Chance Account.

Park's campaign explained, "While basic income is about redistribution, composite income is about growing together," adding, "This is not a policy that simply gives allowances to young people, but a partnership model in which young people invest in the future of Busan, and Busan invests in the future of its youth."

By making youth policy his first pledge, Park aims to instill the idea that "staying in Busan itself becomes an asset." He intends to reverse the existing trend of young people moving to the Seoul metropolitan area for quality jobs, asset-building, and the foundation for housing and marriage, by providing these opportunities in Busan instead.

Furthermore, Park's camp believes the policy will not only offer young people a "100 million won ladder," but also serve as a "retirement breakwater" by easing the burden shouldered by the parent generation, who have had to cover the costs of their children's housing, marriage, and startups alone, thus allowing the city to share this load.

Park stated, "I want to create Busan as a global city where the future opens up and assets accumulate not only by moving to Seoul, but by staying in Busan as well."

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