10,982 New JTYK Subscriptions Last Year

- JTYK subscriptions surpassing 71,000 at year’s end

- Subscription age to be lowered to 55 in Q1 2020 

- Up to a 4.7% increase in monthly payout amounts for new applications from Feb. 3

Korea Housing Finance Corporation (HF, CEO Lee Jung-Hwan) stated on February 6, 2020, that JooTaekYeonKeum (JTYK) added 10,982 new subscriptions last year alone, driving up the number of cumulative subscriptions to 71,034 at the end of 2019.

At the end of the same period, the average age of JTYK subscribers stood at 72 years, while the average home value and monthly payouts amounts were KRW 297 million and KRW 1.01 million, respectively. 

As a follow-up to the government policy to assist people in building assets for their retirement years (as discussed in the recent cabinet meeting on economic stimulus measures), HF has increased monthly JTYK payout amounts by up to 20% for those applying for the Preferential Payment Type JTYK* from December 2, 2019.     

 * Preferential Payment Type JTYK offers preferential terms on monthly payments for senior Basic Livelihood Security recipients with a single home valued at KRW 150 million or less.

HF is also in the process of revising the Enforcement Decree of the Korea Housing Finance Corporation Act to lower the threshold age (the older spouse of an elderly married couple) for JTYK subscription from the current 60 years to 55 years. This revision process is going to be completed by the end of Q1 2020. 

In addition, HF has adjusted the JTYK monthly payout amounts for those newly applying for JTYK from February 3, 2020, providing ordinary JTYK subscribers with an up to 4.7% (or 1.5% on average) increase.

An HF official said, “Anyone interested in JTYK can get free consultation and subscription assistance if they contact any of our 24 branch offices or our call center (1688-8114). HF will keep upgrading our JTYK scheme to increase income streams for the elderly and safeguard their retirement life.”