20211116 S Korea’s presidential hopeful promises to introduce basic income img

Should Lee Jae-myung, the ruling Democratic Party's pick, come from behind to win the presidency in March, South Korea could become the first major economy to adopt a universal basic income program. © Illustration by Hiroko Aida

Cash for all: Lee Jae-myung's radical plan to reshape South Korea

Presidential hopeful wants universal basic income to ease economic disparities

KIM JAEWON, Nikkei staff writer

November 16, 2021 06:00 JST

SEOUL -- Universal basic income, which has been gaining buzz on the fringes of mainstream economic thought, has become a central pillar in the platform of a South Korean presidential candidate.

Should Lee Jae-myung, the ruling Democratic Party's pick, come from behind in the polls to win in March, South Korea could become the world's first major economy to adopt a version of UBI.