PRESIDENTIAL CANDIDATES’ PLEDGES

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With the 2022 presidential election just about two months away, candidates are competing to present policies that could appeal to voters. While Lee Jae-myung is promising to provide financial support to young people paying rents, Yoon Suk-yeol is trying to win over small business owners with a campaign pledge to provide them with loans that cover half their store rents.

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After returning from a campaign trip to Busan, Lee Jae-myung appealed to younger voters in their 20s and 30s during a ceremony marking the opening of a new party office.

[Soundbite] Lee Jae-myung(DP Pres. Candidate) : "I want to build a society that is full of hope and opportunities. So young people are willing to go through hardships to succeed."

On social media, he also announced a campaign promise to expand a rent deduction program for young tenants. The ruling party candidate emphasized it is more difficult for young people to keep up with increases in rent due to their smaller assets and earnings. He promised to introduce a program that allows young tenants to receive tax deductions on rents they paid up to five years ago. Lee also pledged to raise the deduction rate by five percentage points and make the deductible amount equivalent to two months’ rents. Following a meeting with small business owners, PPP presidential candidate Yoon Suk-yeol announced a plan to ease their burden from rent. According to Yoon, his government would first provide loans to small business owners and curtail half the loans if they have used the money to pay rents.

[Soundbite] Yoon Suk-yeol(PPP Pres. Candidate) : "We will set aside a budget of KRW 50 tn and provide loans in that range."

The main opposition party candidate unveiled four campaign promises in a day, including creating a digital platform government and setting up protective shields for taxi drivers. It seems he concluded that the harsh criticism against the current government he made during last month’s visit to Daegu and Gyeongsangbuk-do Province was not helpful. Campaign committee chief Kim Choing-in also said he will manage all the messages and speech Yoon delivers. Sim Sang-jung of the Justice Party promised to create a new department in charge of children and adolescents’ affairs and make public transportation free for teenagers. Ahn Cheol-soo of the People’s Party promised to abolish criteria to select recipients of basic livelihood subsidies, saying the government must take care of those living in absolute poverty.