|Issues and Implications of Alternative Income Security Arrangements|
|Attach||Issues and Implications of Alternative Income Security Arrangements(KOR).pdf||Author||Kang Sinwook||Date||2017/10/26|
As recent years have seen the youth income gap ratio increase and the real market income decrease for the lowest income decile, this research aims to review the issues and implications of some alternative income security arrangements such as basic income, minimum wage raise, and youth allowance. These arrangements share a common characteristic: they all are for the working-age population.
Considering the ongoing industrial changes, the increasing flexibility in the labor market, and the deteriorating income distribution, basic income may be an alternative. However, the timing of its implementation and the question whether it would be of benefit to all people must carefully be examined. Increasing the minimum wage to an unprecedented extent could be a policy option to increase the income of the working poor without adding to the fiscal burden. This may also contribute to the growth of formal labor market employment. But it should be noted that increased minimum wage by itself does not make for a proper response to labor market insecurity. The low coverage of social insurance for the youth is one of the reasons why youth allowance should be introduced in Korea. Considering the heterogeneity in young people, new income support program should be well-focused and well-targeted. Income support for training and education at local government levels and wage support for the socially-vulnerable working poor could be more practical policy measures.
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