Ruling party presidential candidate Lee Jae-myung pledged Friday to pursue a constitutional revision if elected to change the current single, five-year presidential term to a renewable, four-year term.

Lee of the liberal Democratic Party has talked about the idea before, saying he would gladly become the first president to shorten their term to four years.

On Friday, he made the plan official by submitting it as part of his 10 top campaign pledges to the National Election Commission, the election watchdog.

Under his economic pledges, Lee vowed to introduce an annual universal basic income of 1 million won ($834) within his term.

He said he would start the program, which has long been one of his pet projects, with an annual payment of 250,000 won.

Other pledges included improving financing and housing opportunities for young people in their 20s and 30s, raising exports to $1 trillion a year and income per capita to $50,000, and fully overcoming the COVID-19 pandemic. (Yonhap)