Lee Jae Myung on Universal Basic Income (UBI)

Lee Jae Myung has strongly advocated for Universal Basic Income (UBI) as a necessary mechanism to address severe economic inequality and prevent the breakdown of capitalism due to automation in South Korea. His initial stance was unequivocal, suggesting that without UBI, the economic system would collapse. As governor of Gyeonggi Province, he implemented a quarterly UBI trial known as the Youth Basic Income program for 24-year-olds, using local currency cards to stimulate small businesses. During his presidential campaign, he pledged a phased introduction of a national UBI, aiming for 500,000 won per month for every citizen, to be funded by sources like a land value tax and carbon tax.

Since becoming president, however, his position has reportedly become more cautious and pragmatic, reframing his goals under a broader “Basic Society” agenda that emphasizes universal basic services alongside UBI pilots, possibly to navigate political realities and build broader support. Academic analysis of public support suggests that while liberals are consistently positive toward UBI, conservatives' support is strongly contingent on their level of political trust in the government. This suggests that for Lee, advancing UBI politically may require emphasizing institutional credibility alongside the redistributive aspect of the policy.