On November 11, the 'Farm and Fishing Basic Income Law', which aims to provide a basic income to residents in rural and fishing areas annually, was passed by the National Assembly's Agriculture and Fisheries Committee in South Korea. The committee's meeting concluded with a vote of 8 in favor, 1 against, and 3 abstentions from a total of 12 members present. The legislation intends to stabilize the income of rural residents and revitalize local economies by introducing a system that pays monthly basic income through regional love gift certificates to qualifying residents living in designated rural areas, with the law scheduled to come into effect in January 2028.

The basic income initiative is a key policy of the Lee Jae-myung administration, which has been running pilot programs since the end of February. In these pilot projects, residents of ten selected regions experiencing population decline have been receiving 150,000 won in local love gift certificates on a monthly basis for two years. Government officials report positive impacts, such as an increase in the local population in these areas, and aim to develop sustainable policy models through these pilot programs to address ongoing challenges in rural communities.

In a recent town hall meeting, President Yoon Suk-yeol emphasized the need for the program to evolve from a two-year pilot to a more permanent fixture in South Korea's policy framework, citing the importance of such measures in preventing the decline of rural areas and promoting regional balanced development. His remarks underline the government's commitment to long-term solutions that could encourage more people to return to rural settings and contribute to revitalizing these communities.