Lee Jong-uk of the People Power Party, a member of the National Assembly's Land Infrastructure and Transport Committee, said on the 24th that he led the introduction of a bill to partially amend the Housing Act that would allow subscribers to the subscription savings account (comprehensive housing subscription savings) to withdraw part of their deposits without closing the account entirely when they face temporary cash shortages.
Currently, subscribers cannot withdraw even part of the deposited amount without closing the account, so when they face a temporary cash crunch, they have had to fully close housing subscription accounts they have maintained for years, a problem that has been raised repeatedly. According to data Lee Jong-uk received from the Ministry of Land, Infrastructure and Transport, from January to March this year, the number of housing subscription account closures was 910,000, roughly 100,000 more than the 813,000 new accounts opened. In particular, from September 2022, when performance by age group began to be tallied, through March this year, every age group except those in their teens and 20s saw more housing subscription account closures than new accounts each year.
To address this issue, the amendment introduces a "partial closure system" under which subscribers can partially close deposits within a certain range and receive the principal and interest, and the subscription period corresponding to the partially closed amount will be excluded from the calculation of the subscription period.
If the subscriber redeposits the total principal and interest that were partially closed, the original subscription period will be restored, and calculation of the subscription period will continue for subsequent additional deposits. The aim is to support short-term funding needs while ensuring fairness and sustainability in the subscription system.
Lee Jong-uk said, "Having to cancel an entire housing subscription account maintained for years due to a temporary liquidity crisis is a major loss for individuals and at the level of dwellings policy," adding, "With this amendment, we will protect subscription opportunities for low-income youth, newlyweds, and end users without dwellings, while easing arguments that the subscription system is pointless and enhancing the stability of the housing & urban fund."