DistantNews
Support us
🇰🇷 South Korea /Economy & Trade

Seoul City allocates $2.1 billion in supplementary budget for housing and youth support

From Hankyoreh · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

News Sources not specified New plan
  • Seoul City plans to implement a second supplementary budget of 2.8061 trillion won (approximately $2.1 billion USD) to address worsening economic conditions for citizens.
  • The budget will focus on expanding support for housing stability and young people, including increased housing benefits and aid for real estate brokerage fees and moving expenses for youth.
  • Additional funding will also be allocated to public healthcare, electric vehicle infrastructure, and a pilot program for generative AI usage rights for 500,000 young people.

Seoul City is set to introduce its second supplementary budget for 2026, totaling 2.8061 trillion won (approximately $2.1 billion USD). This financial injection aims to counteract the deteriorating economic sentiment among citizens, particularly concerning youth unemployment and rising housing costs.

The Seoul Metropolitan Government plans to implement a second supplementary budget of 2.8061 trillion won to address worsening economic conditions for citizens.

— HankyorehIntroduction of the supplementary budget and its primary goal.

The budget prioritizes housing stability, allocating 107.6 billion won to this sector. This includes increased investment in public rental housing and an expansion of housing benefits, extending support to 364,000 households from the previous 347,000. Furthermore, 600 million won will be dedicated to assisting 10,000 young individuals aged 19-39 with real estate brokerage fees and moving expenses.

The budget will focus on expanding support for housing stability and young people, including increased housing benefits and aid for real estate brokerage fees and moving expenses for youth.

— HankyorehDetails on the key areas of focus for the supplementary budget.

Recognizing the challenges faced by young people, the city will also launch a pilot program, 'Youth AI Growth Pass,' providing generative AI usage rights to 500,000 individuals. The initial phase will be funded with 5.6 billion won for three months, with plans to extend the program for the full year in the next budget.

Seoul City is facing difficulties in the real economy, such as youth unemployment and housing costs.

— Seoul CityExplanation of the rationale behind the supplementary budget.

Other key allocations include 40.3 billion won for electric vehicle purchases and charging infrastructure, 17.7 billion won for replacing aging subway cars on lines 6 and 7, and 7.2 billion won for new and expanded rainwater pumping stations. The budget also increases medical support for pregnant women aged 35 and above, expanding the recipient pool to 28,000 from 20,000.

The city plans to provide 5.6 billion won for three months to support 500,000 young people with generative AI usage rights.

— Seoul CitySpecifics of the 'Youth AI Growth Pass' program.
DistantNews Editorial

Originally published by Hankyoreh in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

More Stories

From Our Blog