Basic Income Party

The Basic Income Party (BIP; ) is a single-issue political party in South Korea advocating for a universal basic income (UBI). For the 2024 Parliamentary election, the Basic Income Party formed a coalition with the Open Democratic Party and the Social Democratic Party, called the New Progressive Alliance.

History
The Basic Income Party came into existence when the ninth leadership board of the Labor Party led by Yong Hye-in resigned on 15 July. Before the official founding of the party on 19 January 2020, the Basic Income Party began establishing local chapters of the party across the cities and provinces of South Korea with the catch phrase ₩"600,000 a month for all." The party announced via their Facebook page on 7 November that they reached 5,000 members. The party officially registered with the National Election Commission on 19 January 2020. The party puts a strong emphasis on that their members are mostly young adults.

The party joined the Platform Party (party-list of the Democratic Party) on 21 March 2020 for the 2020 South Korean legislative election. Two candidates ran for proportional representation. Yong Hye-in was elected under the party-list proportional representation. After the election, Yong rejoined the party.

The party declared its support for Jin Kyo-hoon, the candidate of the Democratic Party of Korea, in the Gangseo-gu mayor by-election.

Ideology
As of 2019, the party advocated for the implementation of a ₩600,000 (then roughly equivalent to 500 United States dollars) per month universal basic income for all citizens of South Korea.

In the March 2022 presidential election the party's candidate, Oh Jun-ho, ran on a policy of a universal basic income of 650,000 South Korean won (then $530) a month for all adults in South Korea.

Although the party has no official ideology, it and its leader Shin Ji-hye have been described as socially liberal, advocating feminism and LGBT rights and seeking to improve the social safety net and remedy social disadvantages.