Park Hong-keun, nominee for Budget Minister, stated Friday that the implementation of a universal basic income (UBI) system requires long-term planning and preparation. He also committed to providing fiscal support for vulnerable youth.
“Full-scale basic income is difficult to implement immediately. However, a long-term approach is necessary, which includes reviewing the results of ongoing pilot programs for basic income in rural areas,” Park said in written responses submitted ahead of his confirmation hearing before the National Assembly.
Acknowledging the increasing need for basic income amidst widening inequality, the nominee emphasized that the policy should be thoroughly examined, considering mid- to long-term fiscal stability and public sentiment.
Park also highlighted the importance of youth support initiatives, announcing the government’s plans to introduce a youth savings program in June.
President Lee Jae Myung nominated Park, a four-term lawmaker from the ruling Democratic Party, earlier this month to lead the newly established Ministry of Planning and Budget.
