Seon-dong Kim Announces Seoul Mayor Pledge... Comprehensive Real Estate Tax Exemption for Single-Home Owners Aged 65 and Over

Next Year's Minimum Wage Set at '9,000 Won per Hour'

[Image source=Yonhap News]

[Asia Economy Reporter Lim Chun-han] Kim Seon-dong, former Secretary General of the People Power Party, who declared his candidacy for the Seoul mayoral by-election next year, pledged on the 3rd to exempt comprehensive real estate tax for households with one home owned by individuals aged 65 or older.

At a press conference held at the People Power Party headquarters on the same day to announce his pledges, Kim said, "If the central government is uncooperative, the Seoul city government will refund the property tax."

Kim also announced that he would raise the minimum wage for self-employed people, small business owners, small and medium enterprises, and venture companies in Seoul to 9,000 won per hour next year. In particular, he added that Seoul city would bear 1,000 won of the hourly wage to reduce the employer's burden to the 2018 level.

To secure the funds necessary for fulfilling his pledges, Kim explained that he would establish an 'Income Polarization Improvement Fund' worth 8 trillion won annually. He stated that the fund would be created through a net surplus of about 3 trillion won generated each year and by raising the building tax.

Kim said, "The role of the Seoul mayor is to prevent the decline in citizens' quality of life and to create stepping stones for them to rise to the middle class," adding, "I will realize this through the Income Polarization Improvement Fund and other measures."