On the morning of the 19th, Assemblyman Yong Hye-in of the Basic Income Party of the National Assembly Planning and Finance Committee held a press conference at the Communication Center of the National Assembly and announced that he would promote the proposal of the Basic Income Act, which focuses on dividends from the ‘shares of the commons’.
The bill defines the commons as “an asset that deserves a substantial amount of economic return to all members of society, regardless of the form of ownership, such as land, natural resources, knowledge, or data” It stated that there is a principle of qualification. There is also a provision for the basic income dividend to reach 50% of the median income of single-person households in stages within 10 years from the date of enforcement of the law. Considering that the standard of living allowance payment is 30% of the median income, it will be raised to 50% of the median income of single-person households. It contains the contents of establishing a special account for basic income to be financed from carbon tax and land tax.
In the National Assembly in September 2020, the Basic Income Bill proposed by Rep. Jo Jung-hoon for the transition of the era and the Basic Income Bill proposed by Rep. So Byeong-hoon of the Democratic Party of Korea are pending in the Health and Welfare Committee.
Rep. Yong Hye-in said, “In the discussion of basic income, the common wealth is a wealth that should be returned to everyone because it is unknown who contributed how much. It can be discriminated from other welfare benefits.” Individuality is the principle in which basic income is paid to individuals, not households. “It will create a safety net by redistributing wealth concentrated in a few,” he said.
Basic Income Party Presidential Candidate Oh Jun-ho, who attended the press conference on the same day, said, “I ask that Democratic Party candidate Lee Jae-myung join forces in introducing the bill. We look forward to your participation in the cause.”