Park Hong-geun, the nominee for Minister of Planning and Budget in South Korea, has articulated that while the immediate nationwide implementation of a basic income is not feasible, it is crucial to prepare for it in the long term. During his confirmation hearing with the National Assembly's Finance and Economy Planning Committee, he responded to inquiries about views on basic income and budget acquisition strategies, underscoring the need to review the outcomes of pilot projects such as rural basic income initiatives. He highlighted that the necessity for a basic income has been underscored by job losses due to AI and robotics, as well as increasing polarization in the K-shaped economic recovery, indicating the urgency of considering this issue comprehensively.

Additionally, Park discussed the government's initiatives aimed at enhancing asset formation for young people, such as the proposed 'Youth Future Savings Account' and the 'Our Child Independence Fund'. He stated that while the idea of providing young adults with significant financial aid at age 20 is compelling, the immediate focus should be on effectively supporting current financial programs aimed at ensuring youth welfare. Park positioned the Planning and Budget Ministry not only as a budget allocator but as a central agency shaping South Korea's long-term development strategies, advocating for a 'warm and capable finance' to drive economic growth and support citizens effectively.

With the government embarking on an extra budget proposal, Park underscored the importance of swift and proactive measures to formulate and present this budget to the National Assembly as quickly as possible. He highlighted the necessity for preemptive fiscal actions to mitigate potential economic threats and ensure continued recovery, pointing out a need for restructuring unnecessary expenditures and thorough performance evaluations to innovate the financial structure supporting national growth.