Gyeonggawon Provides Interest-Free Rental Deposit Support of 30 Million Won to Pangyo Tech Workers

Gyeonggi Province will provide rental deposit support of up to 30 million KRW for employees of companies located in Pangyo Techno Valley.

Gyeonggi Province will provide up to 30 million KRW to support housing stability and reduce commuting time for workers in their 20s and 30s working at Pangyo Techno Valley.

The Gyeonggi Provincial Economic Science Promotion Agency announced on the 6th that it will carry out the "2023 Pangyo Techno Valley Rental Deposit Support Project," which offers interest-free rental deposit support of up to 30 million KRW to improve the housing and working environment for long-distance commuting employees working at companies located in Pangyo Techno Valley 1 and 2, enabling young workers to work stably in a good environment.

The deposit support targets employees aged 39 or younger working at small and medium-sized enterprises and mid-sized companies located in Pangyo Techno Valley 1 and 2. They must be tenants of houses, apartments, or officetels with a jeonse deposit of 500 million KRW or less within the province and must be without home ownership.

Up to 30 million KRW per unit will be supported as an interest-free rental deposit. Support is available for up to 10 units per company.

The agency has secured a total project budget of 900 million KRW for this program. The support period is two years and can be extended once. However, public rental housing supplied with financial support from the national or local governments is not eligible to avoid duplicate benefits.

At the end of the agreement, the supported rental deposit must be returned to the agency. The full cost of the performance guarantee insurance premium will also be covered 100%.

Last year, the agency supported 895 million KRW for 34 units (persons) across 19 companies located in Pangyo Techno Valley.

Kim Hyun-dae, Director of the Future Growth Industry Bureau of Gyeonggi Province, said, "Through the rental deposit support project, young workers in Pangyo will be able to work under more stable conditions such as housing stability and reduced commuting time," adding, "It is expected to serve as a foundation to attract innovative talent to tenant companies."

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