Ruling party presidential candidate Lee Jae-myung unveiled a set of campaign pledges on welfare on Wednesday, promising to improve the quality of life for South Koreans to the 15th best among the member nations of the Organization for Economic Cooperation and Development (OECD).

Under the pledges, the Democratic Party nominee said he will increase the coverage age of child allowance to 15 and reinforce sickness benefits, while expanding benefits of the national pension fund.

Lee also said he will bolster social safety nets to guarantee a certain level of well-being, beyond the current social safety nets that cover basic living expenses.

"The ultimate goal of national policies is to improve the quality of people's lives," Lee said.

South Korea's economy is ranked 10th among the OECD member nations, but the nation's quality of life is placed 30th among OECD members, Lee said.

Lee said that he aims to increase the nation's ranking for quality of life to 15th if he is elected.

Attending the event to unveil the welfare pledge was former Prime Minister Lee Nak-yon, the nominee's rival in the party's primary. It was the first official event since the two launched a new committee earlier this week in a display of internal unity ahead of the March presidential election.

The Democratic Party nominee sought to add the former prime minister to his campaign in order to heal an internal rift that followed their bitter primary battle and rally the support of voters in the southwestern Honam region, where Lee Nak-yon is popular. (Yonhap)