Seoul allocates $366 mil. for youth allowances

The Seoul Metropolitan Government will provide a “youth allowance” to 100,000 unemployed young people for the next three years, as part of measures to increase financial support for those in low-income families.

Under the new youth welfare subsidies unveiled by Seoul Mayor Park Won-soon at a town hall meeting with young people, Wednesday, the city will more than quadruple the number of people eligible to receive 500,000 won ($425) monthly, from 7,000 this year to 30,000 next year and 35,000 in 2021 and 2022.

The allowance is provided for up to six months for the recipients to use in job-seeking activities.

The city expects the plan to cover about 70 percent of young residents eligible for the allowance.

In addition, young people living alone can get 200,000 won in monthly housing subsidies for up to 10 months. A total of 45,000 young people are expected to benefit from this subsidy in the next three years.

The city government plans to allocate 430 billion won for the two programs for the next three years — 330 billion won for the youth allowance and 100 billion won for the monthly housing support.

“The Seoul city government will help people in their 20s and 30s,” Mayor Park said in a press briefing at City Hall.

“We will provide opportunities for young people who dream of landing jobs and living on their own.”

Regarding criticism that such financial support is a populist policy, Park said, “The youth allowance is for the most desperate sector, and we should not tighten our belts for such a field. It is not populism, but realism.”