Gwangju City Recruits 490 Participants for Youth 13 Savings Account Support Program

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Metropolitan City announced on the 18th that it will recruit participants for the ‘2020 Youth 13 (Work+Life) Savings Account Support Project,’ which supports small short-term savings for working youth with low wage income to improve the better life (3) of working youth (1).

The Youth 13 (Work+Life) Savings Account is a savings account project where youth save 100,000 KRW monthly for 10 months, and the city adds 1,000,000 KRW, providing a total savings of 2,000,000 KRW. Since its implementation in 2018, it has been operated as the only short-term savings project for youth nationwide, with over 1,100 local youth participating so far.

In particular, it does not simply support savings but provides an opportunity to improve consumption habits and establish concepts of money and economic awareness through personalized online financial mentoring education, supporting economic independence and life stability by strengthening youth’s work and life capabilities.

Also, through the 10-month savings period, graduates can maintain their savings habits and receive benefits such as joining THE Dream Savings Account, which offers interest sponsorship of about 17% in collaboration with the local company Bohae Brewery Co., Ltd.

The eligibility for the ‘2020 Youth 13 (Work+Life) Savings Account Support Project’ is working youth aged 19 to 34 residing in Gwangju, whose average monthly earned income including taxes for the last three months is between 627,158 KRW and 1,795,310 KRW.

Detailed information can be found in the announcements section on the Gwangju city website, and applicants can apply online by filling out the application form and uploading the required documents.

Applications can be submitted from the 24th of this month to the 8th of next month after registering as a member of the Youth Financial Welfare Support Center.

If the number of qualified applicants exceeds the support capacity of 490 people, Gwangju city will select participants through a public lottery, and the final selected candidates will be announced on the 14th of next month.

Son Ok-su, head of the Youth and Adolescents Division of the city, said, “We will do our best to promote the project so that youth in the blind spots of asset formation can work hard without losing their dreams through savings and plan their future.”