Government Announces Youth Policy Worth 28 Trillion Won... 117,000 Public Housing Units to Be Supplied

Han Chairs Youth Policy Coordination Committee
117,000 Public Housing Units to Be Supplied
Robust Support for Jobs and Asset Formation

The government has prepared the '2025 Youth Policy Implementation Plan' worth 28 trillion won. The plan aims to support housing stability by supplying 117,000 public sale housing units and expand support for job seeking and asset formation through programs such as the Youth Job Leap Incentive and Youth Leap Account.

Han Duck-soo, Acting President and Prime Minister, chaired the 15th Youth Policy Coordination Committee on the 2nd at the SME DMC Tower in Mapo-gu, Seoul, discussing the youth policy implementation plan and other agenda items. The youth policy implementation plan was finalized at a scale of 28 trillion won, including 339 tasks across five areas: jobs, housing, education, living, and participation/rights.

First, in the job sector, 5,000 youth interns will be selected by central government ministries and 21,000 by public institutions, and the number of public-private collaborative work experience positions will be expanded from 48,000 to 58,000. The target for the Youth Challenge Support Project for discouraged job seekers will increase from 9,000 to 12,000, and a project providing the Youth Job Leap Incentive of 4.8 million won over two years to youth in sectors with vacant jobs will also be promoted.

To support youth entrepreneurship, a Youth Startup Fund of 60 billion won will be allocated, and the allowable amount for local governments to make sole-source contracts with youth startup companies will be raised from 20 million won to 50 million won.

Acting President and Prime Minister Han Duck-soo is speaking at the 15th Youth Policy Coordination Committee held at the Small and Medium Business DMC Tower in Mapo-gu, Seoul, on the 2nd. Photo by Yonhap News

In the housing sector, a total of 117,000 units of public sale and public rental housing will be supplied. Additionally, the Youth Housing Dream Account will support up to 80% of the sale price with the newly established 'Youth Housing Dream Loan' on long-term (up to 40 years) and low-interest (minimum 2%) terms upon winning a subscription. The Jeonse loan for youth will be integrated into the Buttress Loan, expanding the Jeonse deposit limit from 200 million won to 300 million won and the loan limit from 100 million won to 200 million won.

In education, the number of university students benefiting from national scholarships will be expanded, and the number of recipients of work-study scholarships will be significantly increased from 140,000 to 200,000. There is also a plan to introduce a research living allowance for about 50,000 science and engineering master's and doctoral students.

In the living and welfare sector, to expand support for youth asset formation, the government contribution to the Youth Leap Account will be increased from a maximum of 24,000 won to 33,000 won per month, and the matching support linked to the Soldier Tomorrow Preparation Savings will be raised from 400,000 won to 550,000 won per month. In the participation and rights sector, the online youth policy platform (Ontong Youth) will help youth easily find youth projects from the central government and local governments.

Furthermore, the government will expand youth appointments to government committees to enable youth to directly participate in policy decision-making processes. Accordingly, youth participation will be mandatory in 227 government committees.

Acting President Han said, "The government has actively promoted policies that youth can feel in each sector such as jobs, housing, education, living, welfare, and participation," adding, "We will continue efforts to alleviate youth difficulties through constant policy discovery and improvement and the establishment of the 2nd Basic Youth Policy Plan."

On the same day, Acting President Han also presented appointment letters to 15 youth members selected as private members of the Youth Policy Coordination Committee and youth policy experts. The Youth Policy Coordination Committee is co-chaired by Lee Young, a former Minister of SMEs and Startups and National Assembly member, who is a special professor in the Department of Mathematical Sciences at Seoul National University.