In its editorial, the paper says that Seoul cannot afford the estimated 184 trillion won ($211 billion) a year needed to give each South Korean citizen a monthly basic income of 300,000 won.. Read more at straitstimes.com.
SEOUL - Political parties are becoming increasingly active and positive toward the controversial issue of introducing a universal basic income system in the country.
What is worrisome is that the rival parties seem to be taking a populist approach to adopting the system. They have made little mention of concrete funding plans, which might require unpopular measures such as increasing taxes and forfeiting existing welfare benefits.In recent years, there have been on-and-off discussion on whether the idea is appropriate for South Korea.
An intensified populist competition between them will likely lead to implementing the scheme in an unviable way that pays little heed to its financial sustainability. In a 2016 paper, Robert Skidelsky, a professor of political economy at the University of Warwick in the UK, said"credible estimates suggest it will be technically possible to automate between a quarter and a third of all current jobs in the western world within 20 years."Proponents of universal basic income argue that it would not only better protect people from the effect of automation but also could be more efficient and equitable than traditional welfare systems.
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