Priority Supply of 273,000 Public Rental Housing Units to Youth Living in Goshiwon and Semi-basement Apartments

Establishment of the '1st Basic Plan for Youth Policy'
900,000 KRW relocation support for youth living in goshiwon and jjokbang
Job search support for '1.28 million+α' over 5 years
Abolition of entrance fees for basic and low-income university students in 2022
500 billion KRW for unemployed and low-credit youth by 2025

[Asia Economy Reporter Moon Chaeseok] Policies to alleviate the burden on low-income youth living in gosiwon, semi-basement rooms, and similar housing by prioritizing the supply of public rental housing are being promoted.

Prime Minister Chung Sye-kyun held the "2nd Youth Policy Coordination Committee" at the Government Seoul Office on the 23rd and approved the "1st Basic Youth Policy Plan," which includes these measures.

The Basic Youth Policy Plan consists of 20 key tasks and 270 detailed tasks across five areas?jobs, housing, education, welfare & culture, and participation & rights?over five years from next year to 2025.

Public Rental Housing for Youth in Gosiwon and Semi-Basement Rooms... 900,000 KRW Moving Expense Support

President Moon Jae-in is seen inspecting the interior of a single-story rental housing unit at the Dongtan Public Rental Housing Complex, commemorating 1 million LH rental homes, in Hwaseong-si, Gyeonggi Province, on the morning of the 11th, together with Kim Hyun-mee, Minister of Land, Infrastructure and Transport, and Byeon Chang-heum, nominee for Minister of Land, Infrastructure and Transport (current LH president). (Photo by Yonhap News)

First, in the housing stability sector, public rental housing will be prioritized for youth living in gosiwon, semi-basement rooms, and jjokbang (tiny rooms).

From next year, the income eligibility will be expanded from a monthly income of 1.32 million KRW to 1.85 million KRW. They will receive support including a deposit of 500,000 KRW, moving expenses of 200,000 KRW, and living equipment worth 200,000 KRW.

For unmarried youth in their 20s living separately from their parents, housing benefits will be paid separately. By 2025, low-interest loans for jeonse (key money deposit) and monthly rent will be provided to 400,000 youth households.

Interest rates for jeonse loans will range from 1.2% to 2.1%, and monthly rent loans will have rates from 1.0% to 1.3%.

Additionally, by 2025, 273,000 youth housing units (including 30,000 university dormitory units) will be supplied. Specialized youth housing will provide 76,900 units.

Support for Over 1.28 Million Youth Job Seekers by 2025

Students are giving up their vacation and working hard to prepare for employment at a university library in Seoul. Photo by Mun Ho-nam munonam@

In the employment sector, support will be provided for 555,000 youth job seekers by next year and over 1.28 million by 2025.

If employment difficulties for youth due to COVID-19 persist, additional measures will be actively pursued.

To encourage youth entrepreneurship, 800 billion KRW in youth startup funds will be supported, and an innovation startup fund of 750 billion KRW will be established by 2025.

Pursuit of Zero College Tuition for Basic and Near-Poverty Youth... Abolition of University Entrance Fees by 2022

On June 5th, in front of the National Assembly in Yeouido, Seoul, a participant urged the return of university tuition fees during a 10-hour filibuster aimed at the 21st National Assembly. (Photo by Yonhap News)

In education, zero college tuition will be pursued for youth from basic livelihood security and near-poverty groups. University entrance fees will be abolished by 2022.

Support for employment-linked scholarships for high school graduate youth will be expanded, increasing the number of beneficiaries from 11,200 this year to 13,000 next year.

To nurture workers for the Korean New Deal, 23,000 talents will be trained in digital new industries, and 25,000 in green and energy sectors.

In welfare and culture, 500 billion KRW will be provided by 2025 to unemployed and low-credit youth who have difficulty accessing formal financial institutions. The debt repayment grace period will be extended to five years.

In participation and rights, 30% of government and local government committees requiring youth participation will be designated. At least 20% of members on these committees will be youth.

Specifically, youth will be involved in committees related to ▲jobs, education, housing, welfare ▲new technologies and new industries ▲and issues involving future generation burdens.

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