Ministry of Land Passes 2nd Supplementary Budget of 358.6 Billion Won... "Support for Youth Jeonse Rent and Bus Workers"

The 2021 2nd Supplementary Budget Bill was passed in the plenary session held in the early morning of the 24th at the National Assembly in Yeouido, Seoul. (Photo by Yonhap News)

[Asia Economy Reporter Tae-min Ryu] The Ministry of Land, Infrastructure and Transport announced on the 24th that, following the National Assembly's approval of the 2nd supplementary budget, it plans to proceed with financial execution to alleviate housing burdens for the youth and support bus transportation workers.

First, the Ministry allocated 285 billion KRW to support youth housing stability. The number of youth jeonse rental houses will be expanded from the existing 10,500 units to 15,500, an increase of 5,000 units. Jeonse rental housing is a system where, when tenants find a desired house, public housing providers such as the Korea Land and Housing Corporation (LH) sign a jeonse contract with the landlord and then sublease the house to the tenant at an affordable rate.

The additional youth jeonse rental units supplied through this supplementary budget will recruit tenants online for two weeks starting from the 28th of this month. For a single occupant, support is provided for jeonse deposits up to 120 million KRW for houses up to 60㎡, and for three occupants, up to 200 million KRW for houses up to 85㎡.

736 billion KRW will be invested to support bus transportation workers. A total of 45.6 billion KRW will be provided to 57,000 route bus workers (excluding public and semi-public systems) at 800,000 KRW per person. Additionally, 28 billion KRW will be given to 35,000 charter bus workers, also at 800,000 KRW per person.