[Full Text] Lee Jae-woong "Please provide 500,000 won as COVID-19 disaster basic income"

Posted on Cheongwadae National Petition... "Income Support Policies Needed for People Who Are Struggling to Endure"

Lee Jae-woong, CEO of Socar. / Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Jin-gyu Lee] Lee Jae-woong, CEO of Socar, proposed a policy on the 29th to provide 500,000 won each as disaster basic income to citizens struggling due to the novel coronavirus infection (COVID-19) crisis.

On the same day, Lee posted a message titled "Please provide disaster national income of 500,000 won each to citizens in difficulty during the COVID-19 economic crisis" on the Blue House internet homepage's national petition board.

In the post, he stated, "There is a crisis of jobs, income, and survival for people," and added, "People must endure for companies and the economy to endure." He also emphasized, "Please provide 500,000 won as disaster basic income," and said, "One million people on the edge ? small business owners, freelancers, irregular workers, students, and unemployed ? need income to buy masks, pay rent, take care of their children, and at least eat ramen at home."

Furthermore, he explained, "Policies supporting the income of people struggling to endure are necessary," and said, "If 500,000 won is given to 10 million people, it amounts to 5 trillion won; to 20 million people, 10 trillion won." He added, "If a supplementary budget of 20 trillion won is prepared, 10 trillion won will be the most effectively used."

He also mentioned, "People receiving disaster basic income at this time do not save the money; they spend it on food, commuting to find jobs, buying masks, paying rent, and consumption to endure."

Below is the full text of the national petition posted by CEO Lee.

This is a serious infection crisis caused by COVID-19. It is an economic crisis.

As the number of infected people increases, fear causes people to reduce movement and gatherings. Schools have postponed openings, and daycare centers have closed. Assemblies are restricted, and meetings are all canceled. These are necessary measures to prevent infection.

However, the economic crisis caused by the fear of COVID-19 infection is severe. It is approaching faster than the infection itself. It is said that only two or three people watch movies in theaters. Restaurants are empty, and restaurant owners repeatedly express their gratitude. Taxi drivers have reduced income and have to pay their quotas out of their own pockets, making work a loss. People who worked as housekeepers have lost income immediately and worry about their livelihood. Some university students, who paid tuition through loans, are starving as schools remain closed and part-time jobs disappear. Airline flight attendants are on unpaid leave and must endure paying rent without income this month, and people in the travel industry are losing jobs due to closures or restructuring.

There is a crisis of jobs and income for people. It is a survival crisis.

People must endure for companies and the economy to endure.

Please provide of 500,000 won. One million people on the edge ? small business owners, freelancers, irregular workers, students, and unemployed ? need income to buy masks, pay rent, take care of their children, and at least eat ramen at home.

The government says it will prepare a supplementary budget and measures. So far, the measures are similar to those taken during previous financial crises or other economic difficulties when consumption decreased. However, the crisis of jobs and income caused by fear of infection is not a measure that all citizens can feel. People who will buy more cars due to the reduction of automobile acquisition tax are those who are relatively better off. People who can get rent reductions or income deductions are also relatively better off. Those who can take paid parental leave work at companies, and people who can increase card consumption due to higher income deductions do not worry daily about mask costs, food, or rent. The current government measures are for those who are relatively better off. They are measures for those who can endure.

Policies supporting the income of more people on the edge and those struggling to endure are necessary. Providing of 500,000 won each to 10 million people amounts to 5 trillion won; to 20 million people, 10 trillion won. If a supplementary budget of 20 trillion won is prepared, 10 trillion won will be the most effectively used. It is a budget that saves lives. People receiving at this time do not save the money; they spend it on food, commuting to find jobs, buying masks, and paying rent. They consume to endure. Minimum income is necessary for people to endure.

People must endure for companies, the economy, and the nation to endure.

Please provide of 500,000 won per month to citizens who find it difficult to endure day by day.

* I am a 26-year entrepreneur who served as head of the Ministry of Strategy and Finance's Public-Private Joint Innovation Growth Headquarters of the Republic of Korea government in 2018. Now is the time for everyone to unite and overcome the crisis, but it seems the economic departments do not fully recognize the situation of many citizens on the edge, so I posted this petition on the Blue House website. I hope this petition will trigger discussions in the government and National Assembly and lead to measures that can quickly overcome the crisis. While it is important for the state to prevent infection, it is also important to protect the safety and livelihood of the people.