President Lee Advocates for Permanent Rural Basic Income Increase

President Lee Jae-myung stated on June 10 that the rural basic income program, initially introduced as a temporary measure for two years, has shown significant benefits. He emphasized that making it permanent and increasing the payment amount would yield even greater results.

In a post on X (formerly Twitter), President Lee shared an article highlighting the population rebound in Okcheon County, a region previously facing population decline, following the introduction of the rural basic income. He remarked, "It seems there will be a twofold benefit from this initiative."

Addressing concerns about funding for a permanent rural basic income, he noted that current budgets for county-level projects often exceed 20 million won per person. He stressed that the issue ultimately comes down to political will and prioritization of budgetary allocations.

He also pointed out that the recent surge in the stock market has led to a significant increase in the special rural tax, which is now in the trillions of won.

President Lee proposed that instead of using this budget for traditional infrastructure projects like roads and bridges, it should be allocated to sustain the rural basic income program. He argued that raising the basic income from 150,000 won to a higher amount would revitalize rural areas, encourage people to return to farming and fishing, prevent regional extinction, promote balanced national development, alleviate housing price surges in metropolitan areas, and ensure a secure retirement for the elderly.

He added, "I would like to hear your opinions on this matter."

On June 9, President Lee highlighted that the national income growth rate for the first quarter of this year reached an all-time high, stating, "I will do my best to ensure that the economic leap of South Korea translates into growth for all citizens."

In a previous Facebook post, he also mentioned the real Gross National Income (GNI) growth rate, which recorded a 9.2% increase compared to the previous quarter, marking the highest level since the statistics began in 1960.

GNI represents the total income earned by citizens from domestic and international production activities and is a crucial economic indicator of actual purchasing power.

President Lee further noted that the nominal Gross Domestic Product (GDP) also saw a growth rate of 10.5% in the first quarter, the highest in 50 years since 1976.

He remarked that all quarterly growth rates have been revised upward since the government took office, leading to a significant reduction in the national debt ratio to the mid-40% range and an increase in tax revenue.

He concluded by stating, "Not only will fiscal soundness be strengthened, but there will also be greater investment capacity for future generations," adding that considering the strengthening of the national pension fund, the community's finances have become much stronger than when the government first took office.