Pohang Earthquake Apartment Common Area Damage Support Fund Increased from 120 Million to 500 Million Won

Resolution of the Cabinet Meeting on the Amendment to the Enforcement Decree of the 'Pohang Earthquake Damage Relief Act'

[Sejong=Asia Economy Reporter Kwon Haeyoung] The support limit for the common areas of apartment complexes under the Pohang earthquake damage relief fund will be expanded to 500 million KRW.

According to the Ministry of Trade, Industry and Energy on the 22nd, the partial amendment to the "Enforcement Decree of the Special Act on the Investigation of the Truth and Damage Relief of the Pohang Earthquake" containing this content was approved at the Cabinet meeting on the same day and will be enforced from the 25th.

With this amendment, the damage relief support limit for the common areas of apartment complexes will be raised from the previous 120 million KRW to 500 million KRW. In cases where the Pohang Earthquake Damage Relief Deliberation Committee recognizes it as necessary for substantial damage recovery, a basis has also been established to decide on support funds exceeding the limit of 500 million KRW.

It is expected that the difficulties faced by residents in repairing and managing the common areas of apartments will be significantly alleviated with the enforcement of this amendment.

An official from the Ministry of Trade, Industry and Energy stated, "Through this amendment, the burden on apartment complexes with large-scale damage will be reduced, and it is expected to help affected residents return to their daily lives. The government will continue to carry out the payment of damage relief funds without delay to ensure that the Pohang area can recover from the earthquake damage as soon as possible."

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