Lee pushes ahead with basic income plan: "Framework Act to pass in first half of year"

[Financial News] Policies for a "basic society," including basic income that President Lee Jae-myung has advocated since his time as mayor of Seongnam, are now moving into full-scale implementation. As the Presidential Committee on Basic Society is set to be launched, the ruling Democratic Party of Korea is signaling that it aims to pass a basic framework bill as early as the first half of this year.

According to political sources on the 4th, after President Lee raised the need for a basic society last month, Democratic Party floor leader Han Byung-do proposed in his parliamentary speech the previous day that the National Assembly begin deliberations on basic society. This was followed by a forum held the same day, titled a policy discussion on realizing a basic society and enacting a Basic Society Framework Act, hosted by Democratic Party lawmakers.
The forum drew attention as it was attended not only by many Democratic Party lawmakers led by Kim Woo-young, a close aide to the president, but also by Minister of the Interior and Safety Yoon Ho-jung and Lee Han-joo, special presidential adviser on policy and a key policy mentor to President Lee.
Kim said, "We need to pass the framework bill quickly within the first half of this year," arguing, "We should not wait to craft a perfect bill; we should pass it first and then make improvements afterward."
Shin Jung-hoon, who currently serves as chair of the National Assembly’s Public Administration and Security Committee, has already introduced a bill to enact a Basic Society Framework Act to ensure public well-being. The bill would require the government to establish a comprehensive basic society plan that guarantees "basic lifetime income" and provides "basic services." It is understood that the ruling party and government plan to move it forward after further consultations.
Yoon, who heads the Ministry of the Interior and Safety, the lead ministry for basic society policy, indirectly suggested ways to overcome constraints on state finances. He said, "There is a misunderstanding that a basic society means the government budget covers everything, but in fact it is a policy that brings together all the capacities of society to guarantee people’s basic standard of living," adding, "As the lead ministry, the Interior Ministry has ways to link and leverage companies’ investments in social responsibility."
The government plans to launch the Committee on Basic Society on the 20th, with President Lee serving as its chair. From that point, Lee is expected to personally drive the agenda. In line with this, special adviser Lee Han-joo from the presidential office called on the Democratic Party to actively support the necessary legislation.
“When we designed the overall policy direction of the Lee Jae-myung administration, the two main pillars were genuine growth and a basic society. Fundamental rights must be significantly expanded, including in finance and energy,” Lee Han-joo stressed. “The values the Democratic Party should pursue are growth and the realization of a basic society. We will work to make that a reality through President Lee.”

Keeping pace with this shared resolve of the ruling party, government and presidential office, the Democratic Party’s think tank, the Institute for Democracy, the Presidential Committee for the Era of Local Autonomy, and the Interior Ministry used the forum to outline more detailed concepts.
Shin Young-min, a research fellow at the Institute for Democracy, said, "Our current social system is based on wage labor and capitalism, and it will be difficult to sustain if jobs disappear due to innovation in AI (artificial intelligence)." He continued, "Experimenting with new systems for income security, care, healthcare and housing is the role of the Committee on Basic Society. We must prepare for the future by pursuing a gradual transition in connection with existing social institutions."
Eun Min-soo from the Presidential Committee for the Era of Local Autonomy presented the "Lifetime Basic Allowance" and "Participation Income" as core policy tools. The Lifetime Basic Allowance would provide income security throughout the entire life cycle, with differentiated payments according to needs and risks at each stage. Participation Income would be paid to people who take part in activities such as caregiving and efforts to strengthen local communities.
Without going into specific policy details, the Interior Ministry said it would identify concrete tasks under the leadership of the Committee on Basic Society and announce a comprehensive plan for realizing a basic society within the first half of this year.

uknow@fnnews.com Reporter Kim Yoon-ho Reporter