This paper utilizes a Life-Cycle Overlapping Generations (OLG) Model to assess the welfare implications of proposed universal basic income (UBI) plans. The model incorporates Korea’s income safety net programs, including the National Basic Livelihood Security, Earned Income Tax Credit, and Basic Pension. This study quantitatively evaluates the effects of financing UBI through labor income taxes on macroeconomic aggregates, inequality, and welfare. Although welfare losses are anticipated for individuals entering the steady state, the majority of current households support UBI. In contrast, a policy designed to enhance work incentives yields welfare gains for individuals entering the steady state, though its macroeconomic effects remain relatively minor.

Preface
Summary

Chapter 1. Background and Purpose of the Study

Chapter 2. Structural Model

Chapter 3. Benchmark Economy
　Section 1. Quantification of the Structural Model
　Section 2. Analysis of the Benchmark Economy

Chapter 4. Policy Simulations
　Section 1. Introduction of Universal Basic Income
　Section 2. Strengthening of Targeted Support

Chapter 5. Summary and Conclusion

References
Appendix
Abstract