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How Youth Basic Income works in Gyeonggi-do, Korea

The report shows that most of the youths in Gyeonggi-do are satisfied with the policy


Putting the policy into the real life
Unlike other similar experiments or demonstration projects in the past, the Youth Basic Income project executed in April of 2019, was a policy that was actually put into effect. So what do the youths think about their Gyeonggi-do Youth Basic Income?
Gyeonggi-do Youth Basic Income was a policy that was put into effect by Gyeonggi-do in 2019. The allowance was issued in Gyeonggi Local Currency instead of cash. To evaluate the satisfaction level of beneficiaries of Gyeonggi-do Youth Basic Income, 3,500 beneficiaries were sampled out of 124,000 applicants in the first quarter. The overall satisfaction rate was 80.6%.

The policy has improved not only the citizen’s lives, but also the local economy
The biggest reason for satisfaction was that it was issued to all 24-year-old youths. It can be spent like cash, and there weren’t strict qualifications for it. From this response, we identified that basic income is satisfactory when it’s universal, cashable, and unconditional. Another notable fact is that it led to positive changes in the youths that were part of the program.
60.3% responded that it did change their daily lives. From increased interest in economic freedom to resolving social inequalities and improving human rights, as well as a changed perception toward the nation, autonomies, and the meaning of family, the Basic Youth Income has brought about positive change in a wide variety of areas.
Furthermore, the youths of Gyeonggi-do are hoping to see the Youth Basic Income policy expend to other regions and other members of society.

How it works
Then, what did they think about the local currency?
80% of the youths responded that they understand why it was issued in local currency, and it was convenient to use. Most youths also responded that using local currency increased their interest in the local currency and community.
Regarding the inconvenience of using local currency, 64.6% responded ‘YES’.
As the biggest compliant was that it was hard to find affiliated stores that accept the local currency, a better system for informing citizens of affiliated stores must be put into place.

Gyeonggi-do makes better city to live
Through Gyeonggi-do Youth Basic Income, we were able to verify that out youths want a better tomorrow, and need a greater hope.
Giving courage to youths and improving the local economy, Gyeonggi-do Youth Basic Income, we will continue our efforts under the belief that a happy today is the foundation for a happier tomorrow.

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Gyeonggido-Korea (경기도): How Youth Basic Income works in Gyeonggi-do, Korea
How Youth Basic Income works in Gyeonggi-do, Korea
The report shows that most of the youths in Gyeonggi-do are satisfied with the policy
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https://www.gyeonggido-korea.com/2020/02/how-youth-basic-income-works.html
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https://www.gyeonggido-korea.com/
https://www.gyeonggido-korea.com/2020/02/how-youth-basic-income-works.html
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