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Budget minister nominee calls for 'long-term' preparation for universal basic income

Published: 20 Mar. 2026, 12:35

Budget Minister nominee Park Hong-keun speaks during a policy meeting at a venue in central Seoul on March 17. [YONHAP]

Budget Minister nominee Park Hong-keun said Friday the introduction of a universal basic income scheme should be prepared over the long term, while pledging fiscal support for vulnerable young people.

"Although it is difficult to immediately implement full-scale basic income, we need to take a long-term approach, including reviewing the results of pilot programs for rural basic income," Park said in written responses submitted for his National Assembly confirmation hearing.

While noting the growing need for basic income amid deepening inequality, the nominee said the policy should be reviewed comprehensively, taking into account mid- to long-term fiscal conditions and public opinion.

Park also emphasized support for youth-focused programs, saying the government plans to launch a youth savings program in June.

The four-term lawmaker of the ruling Democratic Party was tapped earlier this month by President Lee Jae Myung as the nominee to head the newly launched Ministry of Planning and Budget.

His nomination came more than a month after Lee withdrew his earlier pick, opposition politician Lee Hye-hoon, following a series of controversies over alleged misconduct, including suspicious real estate dealings involving her family.

Yonhap