Gyeonggi Province Offers Interest-Free Lease Deposits of 30 Million Won for Pangyo Technovalley Employees

Gyeonggi Province and the Gyeonggi Business & Science Accelerator will provide interest-free lease deposit support of up to 30 million won to alleviate the housing cost burden for young employees in Pangyo Technovalley.

The support is available to tenants under the age of 39 who do not own a home and are renting a residence, apartment, or officetel within the province. Eligible lease contracts must be for deposits of 500 million won or less and must have been signed after August of last year.

This year, special conditions will be applied to expand housing opportunities for young people, including incentives to encourage relocation to areas near Pangyo (Seongnam-si) and to promote gender equality.

The maximum amount of support is 30 million won per person, and each company can receive support for up to five employees. The basic support period is two years, with the possibility of a single extension, allowing for up to four years of support.

Poster for Pangyo Technovalley Rental Deposit Support Project

In addition, the program fully covers the premium for performance guarantee insurance policies, minimizing the financial burden on both companies and individuals.

Since 2016, Gyeonggi Province and the Gyeonggi Business & Science Accelerator have contributed to the housing stability of young workers by supporting lease deposits totaling 8.275 billion won for 391 individuals from 151 companies.

Jung Hankyu, Director of the Advanced Mobility Industry Division of Gyeonggi Province, stated, "Through this project, we expect to reduce the housing cost burden for Pangyo employees and create a more stable working environment. We will continue to expand support to attract young talent and improve the working environment for companies."

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