Gyeonggi Province and the Gyeonggi Province Economic and Science Promotion Agency announced on the 16th that they will promote the ‘2022 Pangyo Techno Valley Rental Deposit Support Project’, which will provide up to 30 million won to provide housing stability for executives and employees working in Pangyo Techno Valley.
This project provides interest-free support for rental deposits to improve the housing and working environment of employees who commute long distances to work at companies located in Pangyo Techno Valley. Starting this year, the actual lease period, not the lease contract date, is the basis for support, and support is only available if the lease period in the lease contract corresponds to 2022.
Those eligible for deposit support must be employees under the age of 39 at small and medium-sized companies located in the 1st and 2nd Pangyo Techno Valley, and must be tenants of houses, apartments, and officetels with a deposit of 300 million won or less and do not own a home. When executives and employees within Pangyo Techno Valley relocate to Gyeonggi-do, a rental deposit of up to 30 million won per room is provided interest-free.
Up to 10 rooms are supported per company, and support is provided on a first-come, first-served basis until the total project budget of 900 million won is exhausted. The support period can be extended once for two years, so you can receive interest-free support for up to four years. However, public rental housing provided with financial support from the state or local governments cannot receive support due to duplicate benefits.
The rental deposit received at the expiration of the agreement must be returned to the Gyeonggi Provincial Economic and Science Promotion Agency, and 100% of the performance bond insurance policy premium is also fully subsidized, so there is no cost for the individual. Last year, the Gyeonggi Provincial Economic and Science Promotion Agency provided 1.12 billion won to 15 companies and 40 offices in Pangyo Techno Valley.
Through this project since 2016, the province has provided rental deposits of 4.74 billion won to 264 people at 111 companies until last year. Park Jong-il, head of the Gyeonggi Province Future Industry Division, said, “The rental deposit support project is a project that greatly helps improve the working environment of executives and employees of companies located in Pangyo Techno Valley.” He added, “Employees will be able to work in stable working conditions in the future, and companies located in the company will be able to attract excellent human resources.” “We will provide a variety of support to make this possible,” he said.
Source: Pangyo Techno Valley Official Newsroom
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