A radical new scheme plans to give 24-year-olds in one South Korean province a universal basic income with hardly conditions. The plan will see around 170,000 people receive the equivalent of one million won ($883) per year, but unlike similar schemes that pay participants in the national currency, this one will use a special provincial currency aimed at exchanging with small local businesses.
“The youth dividend is a type of basic income for young people,” Lee Jae-myung, governor of the Gyeonggi province that will host the scheme, said in November 2018 when he announced the budget. Jae-myung is the former […]
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