On May 6, Lee Jaemyung, the presidential candidate of the Democratic Party of Korea, announced plans to introduce "Youth Tomorrow Savings Season 2" (tentatively named "Youth Future Savings") to help young people build assets, and stated that he would actively pursue institutional reforms to meet the needs of the youth.
That morning, Lee explained on his Facebook page, "I will create a country where opportunities and hope exist for young people."
He stated, "The difficulties faced by young people in our society today are not just individual problems. These are structural crises created by a general lack of opportunity across society." He added, "I will create opportunities so that young people can work freely, build assets, and live without worry."
He continued, "I will open the way so that the strength young people use to endure today can be used to plan for a hopeful tomorrow," and emphasized, "In an era where the future is more uncertain than ever for any generation, we will stand together so that young people can overcome their anxieties."
As a first step toward helping young people build assets, Lee plans to introduce Youth Tomorrow Savings Season 2 (tentatively named Youth Future Savings). He pledged, "I will introduce spot virtual asset ETFs, establish an integrated monitoring system to create a safe investment environment for virtual assets, and encourage lower transaction fees." He also promised to launch a youth-tailored financial counseling program to support stable asset building through basic assessments and expert consultations.
Lee also mentioned strengthening the right of young people to work. He said, "We will expand job-seeking support funds and provide a one-time job-seeking allowance to young people who voluntarily change jobs." He further explained, "The government will actively support the expansion of 'job-linked vocational education programs' operated by global companies to more businesses."
He added, "Regardless of employment type or contract title, all young people who work will be able to enjoy fair compensation, a safe working environment, and sufficient social security." He also pledged that military service experience would be properly recognized at all public institutions and would be mandatorily reflected in salary grades.
Lee also promised to strengthen housing support for young people. He stated, "We will significantly increase youth-tailored public sales and high-quality public rentals to reduce housing insecurity," and "We will expand the scope of monthly rent support for young households without homes and increase the tax deduction for monthly rent." He further explained, "We will greatly expand the supply of mutually beneficial public dormitories, such as the half-price dormitory in Seongdong-gu-Hanyang University, to reduce housing costs and provide a stable foundation for living."
Additionally, he pledged to expand relief for victims and strengthen punishment for perpetrators through revisions to the Special Act on Jeonse Fraud, and to eradicate unfair practices in the rental market by strengthening oversight. He also promised to enhance crime prevention systems and emergency response systems to ensure a safe living environment for young people, including crime prevention for single women households.
Lee also pledged to establish a comprehensive safety net for young people's daily lives. He said, "We will expand customized childcare support so that young dual-income couples can entrust their children with peace of mind at any time." He explained, "The government will cover the first national pension premium for young people, and military service credit will be extended to the entire period of service."
He also promised to ease income requirements for income-contingent student loans after employment and expand interest exemptions, thereby reducing the student loan burden for young people. Support systems will also be strengthened so that reclusive youth, youth preparing for independence, and youth caring for family members can live as confident members of society.
Lee argued, "The state must take the initiative to help young people overcome the various challenges they face. A society that gives opportunities to its youth grows, but a society that neglects its youth regresses." He added, "All young people should be able to enjoy fair opportunities and dream of tomorrow."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
