Gyeonggi Institute of Economy and Science Provides Interest-Free Support for Rental Deposits in Pangyo Techno Valley

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province will provide interest-free rental deposit support for employees working in Seongnam Pangyo Techno Valley who are facing difficulties due to the spread of COVID-19.

The Gyeonggi Institute of Economic Science and Technology announced on the 8th that it will implement an interest-free rental deposit support project to improve the residential and working environment of employees commuting long distances within Pangyo Techno Valley, thereby enhancing work efficiency.

This project has been implemented by the Gyeonggi Institute of Economic Science and Technology since 2016, and provides interest-free rental deposits of up to 30 million KRW per unit to employees in Pangyo Techno Valley who relocate their residence to Gyeonggi Province.

Especially this year, to expand the beneficiaries, support is provided for up to 10 units per company, with a total project budget of 900 million KRW allocated.

The deposit support targets employees aged 39 or younger working for small and medium-sized enterprises or mid-sized companies located in the 1st and 2nd Pangyo Techno Valley, who are tenants of housing or officetels with jeonse deposits of 200 million KRW or less, or monthly rent deposits of 30 million KRW or less, and who do not own a home.

The support period is up to 3 years, and upon expiration of the agreement, the supported rental deposit must be returned to Gyeonggi Province. Since the entire fee for the performance guarantee insurance certificate is also supported, there is no cost burden on individuals.

Applications are available from the 8th, and applicants must prepare the application form and necessary documents posted on the Pangyo Techno Valley website announcement section and submit them by mail to the Pangyo Cluster Team of the Cluster Innovation Headquarters at the Gyeonggi Institute of Economic Science and Technology. In-person applications are not accepted.

Gong Jeong-sik, Director of the Future Industry Division of Gyeonggi Province, stated, "Through continuous support policies for Pangyo Techno Valley, we will do our best to strengthen the competitiveness of resident companies and create stable working conditions and housing stability for young employees."

Employees of small and medium-sized or mid-sized companies in Pangyo Techno Valley who wish to receive rental deposit support can refer to the announcements on the Pangyo Techno Valley website or contact the Pangyo Cluster Team at the Gyeonggi Institute of Economic Science and Technology (031-776-4816).

This content was produced with the assistance of AI translation services.