The Korea news

Lee Jae-myung, the leader of the Democratic Party has proposed providing basic income to every newborn in South Korea as a means to tackle the country’s low birth rate crisis. He has also emphasized that winning the general election is the last chance to save the nation.

Lee proposed a ‘birth basic income’ as a new policy to help combat low birth rates during the New Year’s press conference held on Jan. 31. With the general elections coming up in April, Lee revisited his signature policy of basic income. Previously, the Democratic Party announced a low birth rate strategy that requires an annual budget of 28 trillion won($20.9 billion).

Lee stated, “In addition to this, based on the principle of universal birth support, I propose a birth basic income that includes a method of providing lump-sum support in installments. If necessary, we should create a comprehensive support plan that might even seem excessive, covering all educational expenses, including college tuition.” The Democratic Party expressed that the idea is to eliminate the financial worries and hesitation that couples face when deciding to have children.

Lee stressed the importance of moving beyond a welfare state towards a society that guarantees a basic standard of living for all. This involves increasing the use of renewable energy and investing in the AI sector. According to him, the key to a promising future lies in energy, science, and technology. Therefore, he emphasized the necessity to accelerate and lead this change by increasing the investment in research and development (R&D) more than ever before.

현재 20∼30대가 미래에 내야 하는 조세 부담이 생애 소득의 40%를 넘어설 수 있다는 우려가 제기됐다.

31일 한국경제학회에 따르면 전영준 한양대학교 교수는 다음 달 1∼2일 서울대학교에서 열리는 ‘2024 경제학 공동학술대회’에서 이같은 내용을 골자로 하는 내용의 논문을 발표한다.

논문에서 전 교수는 ‘세대 간 회계’ 개념을 통해 각 세대의 생애 순조세 부담을 추계했다.

결과는 충격적이었다. 현행 재정 정책이 미래 시점 유발할 재정적자를 보전하기 위해서는 미래에 창출된 부가가치 총액, 즉 GDP 총액의 13.3%를 투입해야 하는 것으로 나타났다.

전 교수는 재정 위험을 초래하는 주요 원인으로 복지제도를 지목했다.

구체적으로 공적연금 재정에 4.2%, 기초연금 재원 조달에 2.3%, 건강보험에 4.0%, 장기요양급여 지급에 2.3%, 기초생활보장급여 지급을 위해 0.5%가 추가 조달돼야 하는 것으로 분석됐다.

전 교수는 2025년 조세부담을 상향 조정하는 시나리오를 반영해 세대별 순조세부담도 계산했다.

Concerns have been raised that the tax burden that people in their 20s and 30s will have to pay in the future could exceed 40% of their lifetime income.

According to the Korean Economic Association on the 31st, Professor Jeon Young-jun of Hanyang University will present a paper focusing on these contents at the ‘2024 Economics Joint Academic Conference’ held at Seoul National University on the 1st and 2nd of next month.

In the paper, Professor Jeon estimated the lifetime net tax burden of each generation through the concept of ‘intergenerational accounting’.

The result was shocking. It was found that in order to compensate for the fiscal deficit that the current fiscal policy will cause in the future, the total value added created in the future, that is, 13.3% of the total GDP, must be invested.

Professor Jeon pointed out the welfare system as the main cause of financial risk.

Specifically, it was analyzed that an additional 4.2% must be raised to finance public pensions, 2.3% to raise basic pension resources, 4.0% to health insurance, 2.3% to pay long-term care benefits, and 0.5% to pay basic living security benefits.

Professor Jeon also calculated the net tax burden by generation, reflecting the scenario of upwardly adjusting the tax burden in 2025.

cross-posted from: https://lemmy.world/post/11067778

“I would rather give up another year of my youth studying and trying again if I don’t make it ‘in-Seoul.'”

Kim Tae-yoo, is set to graduate high school in just a month, but he says he would rather endure another year of studying if he is not accepted to a Seoul university.

Koreans divide the country's 335 colleges in two: those "in-Seoul," and the rest.

“Going to university outside of Seoul has never been an option. Even if the schools in other provinces offer full-time scholarships, I would not enroll there. I never considered graduating from a school in other provinces or living there,” Kim said.

'In-Seoul' or nothing

Even before graduation, students flocked to private cram schools that help students prepare to retake the Suenung, the national exam that plays a key role in university admissions.

As a student at a prestigious private high school in Seoul, Kim said half of his classmates were preparing to study another year to improve their Suneung score, rather than accepting a place at a lower-ranked college.

Education Ministry data shows an average of 20 percent of high school graduates opt to study for at least another year. At major schools in Gangnam, an area famous for its focus on education, the proportion rose to 47.7 percent.

The Defense Ministry said Friday that it will seek to remove a requirement that transgender women must have received hormone therapy to qualify for alternative forms of national service.

According to ministry officials, the ministry submitted a proposal on Dec. 13 to amend its ordinance on pre-service physical examinations, which are used to sort conscripts into ranked categories of physical fitness that determine the forms of service in which they can enlist.

In its proposal, the ministry seeks to allow transgender women, even if they have not undergone six months of hormone therapy, to enlist in alternative service, also known as public service, which includes three weeks of basic military training.

cross-posted from: https://lemmy.world/post/10988693

Losses from equity-linked securities (ELS) tied to the performance of the Hang Seng China Enterprises Index (HSCEI) sold by Korea's top five commercial lenders have almost reached 230 billion won ($171 million) for this year, market watchers said Sunday. The high-risk, high-volatility index encompasses 50 shares of Chinese firms traded outside mainland China.

More investors will incur losses in the coming months as the three-year securities mature, compounded further by the index plunging 11.12 percent since the beginning of the year. The HSCEI was among the few global benchmark indexes that recorded double-digit year-to-date declines.

SEOUL, Jan. 4 (Yonhap) -- The Military Manpower Administration (MMA) said Thursday it has created a cyber investigation team to step up monitoring on those who attempt to evade mandatory military service and crack down on draft dodgers.

The MMA said the new team will look into those who post information on how to evade compulsory military service and individuals avoiding service through fraudulent screening and other measures. It is tasked with collecting and analyzing digital evidence.

Under a revised military service law, which goes into effect in May, those who post and spread information regarding draft evasion will be subject to up to two years in prison or a fine of 20 million won (US$15,270).