Ministry of Gender Equality and Family, IBK Industrial Bank of Korea to Provide Up to 5 Million Won in Housing Support for Single and Unmarried-Parent Families

The Ministry of Gender Equality and Family has agreed with IBK Industrial Bank of Korea to provide housing support of up to 5 million won to single-parent and unmarried-parent families.

On September 17, the Ministry of Gender Equality and Family announced that it would sign a mutual cooperation agreement with IBK Industrial Bank of Korea based on these terms.

Under this agreement, the two institutions will provide up to 5 million won in housing support, including deposits and moving expenses, for low-income single-parent and unmarried-parent families facing housing instability. The goal is to deliver practical assistance to these families, who face both financial hardship and the challenges of raising children alone, as well as psychological and emotional difficulties due to social prejudice.

In cases requiring urgent relocation, temporary housing will be provided. In addition, individualized consulting will be offered based on the family’s housing situation to help them establish a stable housing foundation.

Emergency living expense support for low-income single-parent and unmarried-parent families experiencing sudden economic difficulties will also be promoted.

Single-parent and unmarried-parent families headed by young adults whose income is at or below 100% of the median income standard will be eligible to receive up to 500,000 won per month for up to five months as emergency living expenses. Adolescent single-parent and unmarried-parent families whose income is over 50% but does not exceed 100% of the median income will also be eligible for support.

Along with living expense support, financial and economic education, parenting education, financial counseling, and case management will be provided to help these families achieve economic independence and enhance their parenting capabilities.

Additionally, childcare support will be strengthened to reduce the burden of caregiving for single-parent and unmarried-parent families.

The two organizations will strengthen cooperation so that single-parent and unmarried-parent families are given priority selection in the Childcare Support Project for SME Employees and Small Business Owners' Families, which has been implemented since last year. This project supports up to 1.5 million won of out-of-pocket childcare expenses per household for SME employees and small business owners' families who use childcare services.

The two institutions will divide their roles to ensure that this cooperation project is seamlessly connected to single-parent and unmarried-parent families in need.

Won Minkyoung, Minister of Gender Equality and Family, stated, "We hope this agreement will provide tangible support for single-parent and unmarried-parent families who are facing both financial hardship and the burden of child-rearing in their daily lives, including housing, living expenses, and childcare." She added, "We will continue to actively connect various private sector resources and capabilities to strengthen support for single-parent families so that they can raise their children stably and prepare for the future on their own."

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