Lee Jun-seok, the Reform Party presidential candidate, announced a pledge on the 29th to provide 50 million won in low-interest loans as "Dundun Start-up Fund" to support the social advancement of youth with high school education or below.
The candidate argued, "Rather than giving 250,000 won per quarter under the guise of a basic income for youth and engaging in vote-buying activities, it should provide substantial assistance for the social advancement of young people."
This is a criticism of the basic income for youth in Gyeonggi Province, introduced by Lee Jae-myung, the Democratic Party of Korea presidential candidate, during his time as the governor.
The Dundun Start-up Fund is designed to provide a total of 50 million won, in increments of 5 million won every quarter over 10 instances, to youth with high school education or below who do not advance to college. It will be offered at the same annual interest rate of 1.7% as student loans.
There are no restrictions on the use of the fund, which can be utilized for purposes such as starting a business, marriage, travel, livelihood, or housing. Recipients can choose between a 5-year grace period with 10-year repayment or repayment after employment. If they advance to university during this period, they can convert the loan balance into a student loan within the remaining amount.
The candidate noted, "While young people who advance to college can borrow a total of 56 million won, including tuition fees and living expenses, at low interest, those with high school education or below have not received similar benefits and have been pointed out as a case of discrimination."