"Save 30 Million Won, Grow It to 100 Million": Dramatic Pledge Sparks "Is This a Progressive Party?" Reaction

A campaign pledge for the June 3 local elections has been announced, promising to turn savings of just 30 million won into a total of 100 million won. Park Hyungjun, candidate for mayor of Busan, has unveiled a dramatic first pledge aimed at helping young people build assets. The program combines personal savings, public support, and fund profits to help participants accumulate 100 million won in 10 years.

On April 29, Park announced his first pledge, the "Youth Asset-Building Project Based on Composite Income," at the briefing room of Busan City Council. Under this plan, if a young person saves 250,000 won per month for 10 years, they will have saved a total of 30 million won. By adding matching support from Busan City and profits from the "Busan Future Fund," the goal is for participants to form assets worth around 100 million won. This structure consists of 30 million won from the individual and an additional 70 million won from public and fund sources.

Busan Mayor Park Hyungjun, who is running for a third term, declared his candidacy and performed an uppercut ceremony at the opening ceremony of the primary election office set up in a building in Bujeon-dong, Busanjin-gu, on the 28th of last month. Photo by Yonhap News Agency

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The core of this pledge, according to Park’s campaign team, is the concept of "composite income." The aim is to move beyond a structure focused on a single job and salary, instead combining labor income, financial income, and policy support to assist with asset building.

Park’s team explained, "While basic income is centered on redistribution, composite income is a way to grow assets together."

The pledge also targets the outflow of young people from Busan. The campaign believes that, until now, opportunities for employment, housing, and asset-building have been concentrated in the Seoul metropolitan area, leading to a structural exodus of youth from Busan. Park emphasized, "We will create an environment in Busan where young people can build assets even if they stay."

He also stressed that this is not a simple cash handout. Starting at the time of high school graduation, the plan is to run a "Busan-Style Financial Education Program" that links education in savings, investment, and credit management, thereby fostering asset management skills. The idea is to develop young people not as mere policy beneficiaries, but as active designers of their own assets.

This pledge is aimed not only at youth, but also at easing the burden on the parent generation. It seeks to move away from a structure where individuals and families shoulder the entire burden of housing, marriage, and entrepreneurship costs, and toward a city that shares part of that responsibility.

Park stated, "We will create an environment where young people can accumulate assets and find opportunities in Busan without needing to move to Seoul," adding, "We will transform the structure so that young people become partners in the city’s growth."

Citizen reactions to Park’s first pledge have been divided. One citizen commented, "It seems the younger generation will welcome this," while another expressed surprise, saying, "I thought this was a pledge from a progressive party."

A political analyst remarked, "While there is an aspect of looking after the youth, it is noteworthy that such a bold, populist policy is coming from a conservative party candidate."

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