An argument was raised in a policy forum that the 'youth basic income scheme' should be introduced to rescue the youth generation in Korea who is driven into the unemployment and unstable jobs despite higher education.

Amid the increasing doubts on the effectiveness and sustainability of job-oriented youth policy developed by the government, it is believed that a policy alternative developed with new perspective approaches for the youth is necessary.

Rep. Kim Boo-gyeum and Rep. In Jae-geun of the Democratic Party of Korea on November 1 jointly organized a policy forum in a seminar room at the National Assembly for the purpose of discussing the introduction of the 'youth basic income scheme'.

A presenter to the forum, Prof. Kim Ho-gie of the Yonsei University told that the majority of youth in Korean society is facing the hidden unemployment or chronic long-term unemployment despite their high levels of education, and even if they can land at a job, it is difficult for young workers to get entry into the internal labor market which consequently leads to the precarious forms of employment such as contingent jobs. He suggested that the 'youth basic income scheme' can be a policy alternative to deal with the youth problem.

The youth unemployment hit 12.5 percent as of February this year, which is the highest since June 1999. It recovered to 9.4 percent as of September this year, but it still remains at the level of 9 percent. While pointing out the growing doubts on the effectiveness and sustainability of youth policy of the Park Geun-hye government which sets a precondition of employment, Prof. Kim explained that the 'youth basic income scheme' which does not link the employment and wage is being discussed as a new youth assistance policy.

Prof. Kim estimated that the budget amounting to 1.7 trillion won(US$ 1.48 billion) will be necessary to transfer the basic income allowance of 300,000 won(US$ 261) per month to each youth aged between 19 to 24 years old. He said, "It will be worthwhile if we consider that we pay the youth in advance for the income generated by the contributions that they will make in the future."

Prof. Kim also stressed the reform of taxation system. As the concept of 'basic income' covers all citizens and a fixed amount is paid to all citizens regardless of their incomes and wealth, the taxation system should be reformed so that the richer shall contribute more to the 'basic income' revenue than the poor citizens.

Rep. Kim also commented on the severity of youth unemployment and youth poverty that the Korean society is currently facing and the urgent necessity to develop a youth policy alternative for the youth generation such as 'youth basic income scheme'.

reported by Kim Bong-seok
edited in English by Kim Sung-jin