Ruling Party and Government: "Up to 200,000 KRW Monthly Rent Support for Up to 1 Year for Youth with Housing Vulnerability Below 60% Median Income" (Comprehensive)

[Asia Economy Reporter Koo Chae-eun] The Democratic Party of Korea and the government agreed on the 26th to promote a plan to provide up to 200,000 KRW per month in rent support for up to one year to young people with unstable housing whose income is below 60% of the median income.

The party and government held a special youth measures meeting at the National Assembly that morning and announced this plan. Lee Dong-hak, a Supreme Council member of the Democratic Party, said in a briefing after the meeting, “As a key task related to ‘fair start’ through resolving intra-generational gaps, we discussed supporting 200,000 KRW monthly rent for vulnerable youth and increasing the national scholarship amount to achieve half-price tuition.”

The party and government noted that the number of youth households is increasing due to studying and preparing for employment independently, but youth housing security is very vulnerable due to employment difficulties and rising housing costs. The prolonged COVID-19 pandemic and worsening economic conditions negatively affect youth employment conditions, increasing the burden of housing costs.

Lee said, “This housing cost burden prevents young people from focusing on their main tasks such as studying and preparing for employment and acts as an obstacle to stable social entry. We share the view that alleviating housing cost burdens so that youth can concentrate on preparing for the future is urgent, and we decided to implement the youth monthly rent support project starting next year.”

The party and government decided to provide temporary support of 200,000 KRW per month for up to 12 months to youth with income below 60% of the median income starting next year. The Democratic Party stated that resolving youth housing costs is not only about easing individual economic burdens but is directly linked to national competitiveness, and they will make their best efforts during the National Assembly’s budget review process for the next year to ensure the rent support project proceeds smoothly.

Lee explained, “60% of the median income is estimated to be about 1.2 million KRW, and those below this can be eligible. Existing youth housing benefits have limitations when supporting youth separately from basic livelihood security households. This is to expand the target through direct support and provide practical effects through direct assistance. We estimate the eligible number to be roughly between 150,000 and just under 160,000 people.”

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