HUG Entrusts Jeonse Guarantee Operations to Create Senior Job Opportunities in the Seoul Metropolitan Area

[Asia Economy Reporter Moon Jiwon] Housing and Urban Guarantee Corporation (HUG) announced on the 4th that it will create jobs for elderly residents in the Seoul metropolitan area by outsourcing part of the procedures for the Jeonse Deposit Return Guarantee (hereinafter Jeonse Guarantee), a guarantee product for housing stability for low-income households.

On the 29th of last month, HUG signed an agreement to outsource the eviction confirmation work of the Jeonse Guarantee with senior clubs in Gangseo, Gwangjin, and Geumcheon districts of Seoul. The eviction confirmation work is a procedure to verify whether tenants who have subscribed to HUG’s Jeonse Guarantee have completed moving into the respective housing. Tenants must move into the house covered by the Jeonse Guarantee to later request guarantee fulfillment from HUG if they fail to receive their Jeonse deposit back properly from the landlord.

HUG plans to contribute to creating local elderly jobs by outsourcing eviction confirmation work in Seoul and Gyeonggi areas, where guarantee accidents frequently occur due to the so-called ‘empty Jeonse’ problem?where mortgage loans and Jeonse deposits exceed the sale price?and to perform guarantee fulfillment work more promptly.

The three senior clubs that signed the agreement this time will carry out eviction confirmation work for Jeonse properties throughout the Seoul metropolitan area starting this month. Previously, in August last year, HUG also expanded its elderly job creation projects by signing business agreements with elderly job support organizations in Busan and Incheon.

Lee Jaegwang, President of HUG, said, “We will strive to expand the number of partner institutions nationwide to create more jobs for the elderly and to provide faster guarantee fulfillment services to tenants.”

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