[Asia Economy Reporter Lee Junhyung] Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, announced on the 22nd that he will provide an annual youth basic income of 1 million KRW and raise soldiers' monthly salaries to over 2 million KRW.
On the morning of the same day, Lee announced eight major youth policy pledges at the Future Party headquarters 'Blue Soda' in Mapo-gu, Seoul. He stated, "Solving youth issues is the key to addressing the structural social problems of the Republic of Korea."
The core is the youth basic income (youth dividend). Lee said, "Starting in 2023, we will provide an annual youth basic income of 1 million KRW to young people aged 19 to 29," adding, "We will create an environment where youth can design their future hopes and pioneer new life paths within a basic safety net that allows them to sustain their lives." He also noted, "As seen in the cases of Seongnam City and Gyeonggi Province, although the amount is small, it brought significant changes to the lives of young people," adding, "Young people who used to work part-time jobs due to living expenses were able to increase their time for study and self-development, preparing and dreaming for the future." He also pledged a youth basic loan allowing up to 10 million KRW at long-term bank interest rates and a youth basic savings account with a 10 million KRW limit offering interest rates higher than regular savings.
Lee expressed his intention to raise soldiers' monthly salaries to over 2 million KRW. He said, "During my term, I will raise soldiers' monthly salaries to at least 2 million KRW, the minimum wage level, to help them build a foundation for entering society after discharge," and added, "I actively welcome the fact that Yoon Seok-yeol, the People Power Party candidate who was passive, has accepted the pledge to raise soldiers' salaries to 2 million KRW." He also pledged to halve soldiers' mobile phone charges, recognize credits earned for at least one semester, fully support tuition fees for certification courses, and allow tablet PCs.
Democratic Party presidential candidate Lee Jae-myung is announcing youth pledges on the 22nd at 'Blue Soda' in Mapo-gu, Seoul. [Image source=Yonhap News]
Additionally, Lee stated, "We will expand youth participation and authority so that young people can be directly involved in and decide on policy design, budget allocation, and execution, thereby securing youth representation." Related pledges include the establishment of a senior secretary for youth policy, appointment of a special minister for youth, expansion of the Youth Policy Coordination Committee under the Prime Minister, and the institutionalization of a Youth Assembly.
The pledges also include raising the mandatory youth employment ratio in public institutions from the current 3% to 5%, a 2 percentage point increase. Lee said, "We will mobilize all government policy tools to achieve a 5 percentage point increase in youth employment during my term." He also announced plans to reform the National Tomorrow Learning Card system, expand training cost support, and mandate payment of interview allowances in the public sector.
Lee also presented youth housing policies. He pledged to supply various types of youth housing, such as the 'Anyone House Type,' where tenants live at low rent and can purchase at the initial sale price after 10 years, and the 'Equity Accumulation Type,' where tenants gradually accumulate their equity. Other pledges included a tuition fee system proportional to credits, expansion of student loan interest support projects, and increased support for mental health vouchers.
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