'From Startup to Housing and Life Stability'... Incheon City Allocates 105.1 Billion Won for Youth Policy Budget

Support of 100 Million KRW for Youth Overseas Expansion and Interest Support for Housing Lease Deposit
Youth Residential Complex with 4,500 Units and 2,800 Youth Rental Housing Units Supplied

[Asia Economy Reporter Park Hyesook] Incheon City is launching new projects that provide 100 million KRW to young entrepreneurs expanding overseas, as well as support for certification exam fees and interest on housing lease deposits.

On the 7th, the city announced that it has finalized the '2023 Incheon City Youth Policy Implementation Plan,' which includes these initiatives and offers customized support covering youth employment, housing, education, self-reliance, and daily life.

The total budget allocated for 71 projects is 105.1 billion KRW, an increase of 16 billion KRW compared to last year.

By sector, the employment area plans to invest 21.8 billion KRW to support youth startups and overseas expansion.

This includes creating a venture and startup investment fund (60 billion KRW over three years) to support youth entrepreneurship, new-generation convergence startup support through matching consulting with middle-aged experts, and attracting youth startup spaces.

Additionally, to encourage young people to proactively challenge entrepreneurship and expand overseas, the city will support 100 young entrepreneurs (teams) over four years with 100 million KRW each, totaling 10 billion KRW, and also provide support for youth certification exam fees.

On the 31st of last month, Mayor Yoo Jung-bok of Incheon and attendees are taking a commemorative photo at the 'Central Government Youth Advisory- Incheon City Meeting'. 2023.1.31 [Photo by Incheon City]

In the housing sector, about 46.8 billion KRW will be invested in eight projects to promote youth housing stability. While the central government’s temporary youth monthly rent support program only covers ages 19 to 34, Incheon City will expand this support to those up to 39 years old.

Furthermore, new initiatives will include support for interest on housing lease deposits (2%) and guarantees for the return of jeonse deposits, along with ongoing youth housing stability projects such as the development of youth housing complexes (4,500 households in Geomdan New Town Work-Life Balance Village) and the supply of youth rental housing (2,800 units over five years).

In the welfare and culture sector, 30.4 billion KRW will be invested to help youth achieve self-reliance, job stability, asset formation, and to support cultural and tourism activities.

Programs include support for youth preparing for independence after leaving care facilities (10 million KRW), Dream Check Card (job search activity expenses up to 3 million KRW), welfare points for employed youth (up to 1.2 million KRW), and the Dream for Youth Savings Account program (a lump sum of 10 million KRW after three years of savings).

The city also allocated 4.7 billion KRW for education projects such as training youth professionals and 1.1 billion KRW for projects to strengthen youth participation and activity bases.

An Incheon City official stated, "Last year, we focused on youth support policies in response to the prolonged COVID-19 pandemic. This year, we will implement youth policies that create opportunities for young people to become self-reliant and take proactive challenges."