Seoul: Budget Minister nominee Park Hong-keun has emphasized the need for a long-term strategy in introducing a universal basic income scheme, while also committing to fiscal support for vulnerable youth populations. Park articulated his perspective on the matter in written responses submitted for his National Assembly confirmation hearing, highlighting the challenges in immediately implementing a comprehensive basic income system.

According to Yonhap News Agency, Park suggested that a gradual approach is necessary, which includes evaluating outcomes from existing pilot programs focused on rural basic income. He stressed the importance of assessing this policy comprehensively, factoring in mid- to long-term fiscal conditions and the views of the public, particularly in light of increasing inequality.

Furthermore, Park underscored the government's commitment to youth-centered initiatives, announcing plans to launch a youth savings program in June. This initiative reflects the government's focus on supporting younger generations in financial planning and stability.

Park, a four-term lawmaker from the ruling Democratic Party, was nominated earlier this month by President Lee Jae Myung to lead the newly established Ministry of Planning and Budget. His nomination follows the withdrawal of the previous nominee, opposition politician Lee Hye-hoon, who faced allegations of misconduct related to real estate transactions involving her family.