The Impact of the Basic Income System on Korea and Other Countries

Abstract

The impact of major events such as the Asian financial crisis in 1997, the world financial crisis in 2009 and the new coronavirus epidemic in 2020 has led to increasing poverty and inequality in Korea. Against such a background, the basic income system is to some extent a system that must exist for the sake of the nation. As an important means of securing workers' income, the basic income aims to maintain the basic livelihood of low-income workers. The basic income system serves the purpose of ensuring that workers on low incomes are able to make a living in their respective cities and countries. Especially in today's fast-growing economy, where prices are uncertain, the National Assembly of Korea makes annual corrections to the basic income for the following year in order to ensure that the basic livelihood of the people is guaranteed while the economy grows.