Gyeonggi Province will provide interest-free housing rental deposit support of up to 30 million KRW per person to young employees working at small and medium-sized enterprises in the 1st and 2nd Pangyo Techno Valley.
On the 15th, Gyeonggi Province announced that it will promote the "2024 Pangyo Techno Valley Tenant Company Rental Deposit Support Project" to stabilize housing and improve working conditions for young employees working in Pangyo Techno Valley.
The support targets employees aged 39 or younger without home ownership who are tenants of houses, apartments, officetels, etc., located in Gyeonggi Province, and who are employed at small and medium-sized enterprises in the 1st and 2nd Pangyo Techno Valley.
Gyeonggi Province gives priority to young employees of companies applying for the support project for the first time this year. Additionally, gender ratios are considered in prioritization to prevent support from being concentrated on a specific gender. However, residents of public rental housing are excluded from the support as they have already received financial assistance from the national or local governments due to the nature of their housing type.
Poster for the Rental Support Fund Program for Employees of Companies in Pangyo Techno Valley, Gyeonggi-do
The support amount is up to 30 million KRW per person, with a maximum of 10 employees supported per company. The support period is two years, but it can be extended once, allowing for interest-free support for up to four years.
Tenant companies must return the rental deposit received at the end of the agreement period to the Gyeonggi Institute of Economic Science and Technology, which oversees this project. Since the insurance premium for the performance guarantee insurance policy is fully covered 100%, there is no cost burden on the company or individual.
Jung Han-gyu, Director of the Advanced Mobility Industry Division of Gyeonggi Province, stated, "The rental deposit support project has reduced the housing cost burden for workers," adding, "We will prepare various support measures so that they can work stably in better environments."
Meanwhile, Gyeonggi Province has supported rental deposits for a total of 329 people from 128 companies over eight years until last year. In the previous year, 31 employees from 16 tenant companies in Pangyo Techno Valley received support.
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