"Youth Jeonse Deposit Protection" ... Gyeongsan City Fully Supports Guarantee Fees

Gyeongsan City is accepting applications for participation in the ‘Youth Jeonse Deposit Return Guarantee Fee Support Project’ to protect young people’s jeonse deposits.

This project is implemented to encourage young people to subscribe to the jeonse deposit return guarantee in order to prevent jeonse-related damages, as cases of young people not receiving their jeonse deposits back after the termination of lease contracts have rapidly increased due to recent jeonse fraud and reverse jeonse phenomena. Gyeongsan City supports part of the guarantee fee or up to 300,000 KRW annually in full.

Gyeongsan City Hall.

An official from Gyeongsan City said, “In the case of a jeonse deposit of 200 million KRW, the insurance premium is 0.12% of 200 million KRW, which is 240,000 KRW per year. We are accepting applications to support guarantee insurance fees up to 300,000 KRW calculated in this way.”

The support target is young people aged 15 to 39 who have subscribed to the jeonse deposit return guarantee (HUG, HF, SGI) after January 1 of this year, with a lease deposit of 300 million KRW or less and an annual income of 50 million KRW (70 million KRW for newlyweds) or less.

Applications can be made by visiting the administrative welfare center of the local eup/myeon/dong office of the applicant’s address or online through the Gyeongsangbuk-do youth portal site ‘Cheongnyeon e Kkeullim’.

Gyeongsan City is striving for ‘Youth City Gyeongsan’ and focusing on housing welfare for low-income youth. The ‘Youth Monthly Rent Temporary Special Support Project,’ implemented since 2022, achieved the second highest project volume among 229 basic local governments nationwide, demonstrating outstanding results in youth housing support.

Mayor Cho Hyun-il said, “I understand that many young people are afraid to enter into jeonse contracts due to the recent increase in jeonse damage cases. Through the jeonse deposit return guarantee fee support project, we will strive to ensure that many young people residing in Gyeongsan can safely enter into jeonse contracts and achieve housing stability for youth.”

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