Understanding about basic income and The Gyeonggi-do Youth Basic Income

Youth Basic Income has improved the quality of life and revived the local economy

Do you know about the Youth Basic Income?
The Gyeonggi-do Youth Basic Income, also known as Youth Dividend, is a basic income policy created to protect the basic rights of the youths of Gyeonggi-do.
Starting in April 2019, the Gyeonggi-do Youth Basic Income supports youths residing in Gyeonggi-do by providing up to 1 million Korean Won a year in regional currency(Gyeonggi Local Currency).
The need for a Youth Basic Income began with careful thought about basic income. The discussion about basic income first began in European countries, with a recognition of the problem that the conventional welfare system wasn’t enough to resolve the issues brought on by the ever-increasing income gap.
In Korea, the number of youths unable to become economically independent increased due to long-term job insecurity. As youths cut down on their spending, it eventually led to worse economic stagnation. To improve youth’s quality of life and revive the local economy, Gyeonggi-do has implemented the first Youth Basic Income program in Korea.

It’s a brand-new policy
The program was launched in April 2019, and it became the most popular policy, with 124,438 youths signing up in just one quarter. While the Gyeonggi-do Youth Basic Income is already in effect, there is controversy about its effectiveness and benefits.
However, there are those who have achieved clear benefits from such a policy. Since 1982, Alaska has been operating the Alaska Permanent Fund for its residents. By distributing the income from investing the fund acquired from natural resources, Alaska was able to significant lower the income inequality and improve the quality of life and happiness of its residents. The first prerequisite for continuously providing basic income is securing financial resources.
That’s why Gyeonggi-do has set its sights of a land value tax for basic income. A land value tax will not only secure the financial resources for the basic income, but also resolve the issue of real-estate inequality.

The future of Korea, Gyeonggi-do takes the lead
The Gyeonggi-do Youth Basic Income embraces hope for tomorrow and the determination for a happier life.
Aren’t you curious to find out more about this never change that Gyeonggi-do is leading? Discover out youth’s dreams and happiness through the Gyeonggi-do Youth Basic Income.
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Gyeonggido-Korea: Understanding about basic income and The Gyeonggi-do Youth Basic Income
Understanding about basic income and The Gyeonggi-do Youth Basic Income
Youth Basic Income has improved the quality of life and revived the local economy
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