Universal basic income ‘impossible’ in South Korea

More effective: Chung calls for taxpayer funds to be targeted at those who have suffered the most economic damage from the pandemic through stimulus checks or a ‘loss-compensation’ plan. — Bloomberg

SEOUL: South Korea’s prime minister warned that universal basic income was “impossible” to implement, drawing a sharp contrast with other populist contenders for the presidency ahead of an election next year.

In an interview with Bloomberg News, Chung Sye-kyun said “politics based on populism” is “bound to fail.” The idea of across-the-board income support to address inequality has been backed by others in President Moon Jae-in’s progressive camp aiming to replace him when his single, five-year term ends in a little more than a year.