Starting in June, significant changes will take place regarding electricity rates and housing pensions, which are closely tied to everyday economic life. Users of general electricity (Type II) will have more options for their electricity pricing, and seniors owning low-cost housing will see expanded benefits from the housing pension program.
Beginning in June, general electricity (Type II) users will have an expanded choice of pricing options. The government and Korea Electric Power Corporation (KEPCO) will introduce a new pricing table that allows these users to select not only the existing time-based rates but also a single-rate option. This change is expected to help certain industries that consume more electricity during evening hours reduce their electricity costs.
To minimize confusion during the initial implementation of the new system, KEPCO will automatically apply the cheaper of the time-based or single-rate pricing for a six-month period from June to November. This means consumers will not need to compare rates themselves, as KEPCO will guide them to the most favorable pricing based on their electricity usage patterns.
The housing pension program will also see improvements starting June 1 for new applications. According to the Korea Housing Finance Corporation, the key changes include expanded support for preferential housing pensions for low-cost homes valued under 180 million won, exemptions from the requirement to live in the property at the time of enrollment, and the introduction of a 'Generational Housing Pension.'
The preferential housing pension is designed for couples where at least one partner is a recipient of the basic pension and they own a single home valued at under 250 million won. The monthly payment for those owning homes valued under 180 million won will see an increase in the preferential support amount.
The requirement to live in the property will also be relaxed. Previously, housing pension enrollees were required to reside in the mortgaged home. Now, those who have unavoidable reasons such as hospitalization, caregiving, or moving to a senior housing facility will be allowed to enroll without residing in the property. In such cases, renting out the entire mortgaged home will also be permitted.
The 'Generational Housing Pension' will allow children to enroll in a new housing pension for a property previously enrolled by their parents. This enables them to use individual withdrawal amounts to repay existing housing pension loans.
* This article has been translated by AI.
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