Last Monday, on the 29th of April, a special event was held in Suwon, a city in the province of Gyeonggi-do, just south of Seoul, South Korea. This event was conceived as a fair, the first of its kind, and was focused on basic income, having attracted more than 18 thousand people.
Announced in a previous report, the two-day event was featured by numerous experts on basic income and related policies. It was propelled by the recent adoption, in the cited province, of a local currency unconditional cash transfer to young people (born in 1995), dubbed “Youth Dividend”. This local currency is issued by the city, and so can only be spent in small or mid-size local businesses (which can help boost the local economy).
Moreover, according to Gyeonggi-do spokesperson, Kim Yong, the province regional government will work with other regions of South Korea in order to study basic income implementation “in more depth”. Kim Yong also guarantees there are other basic income-type policies being studied in the province, while the “Youth Dividend” scheme is presented in other 60 regions within South Korea. During the fair, the formation of a “Basic Income Council” was alluded to by local authorities, grouping 34 local autonomies, most within Gyeonggi-do.
The basic income fair was also a way to inform the general public about basic income as a policy itself, and how it is being pursued in the world. A short video report can be watched here (News Center):
More information at:
Hyosang Ahn, “Korea to launch provincial ‘Youth Basic Income’ program”, Basic Income News, April 16th 2019