[Asia Economy Yeongnam Reporting Headquarters, Reporter Kim Jonghyo] Busan City announced on the 23rd that it will conduct the first round of new enrollments for the 'Youth Savings Account' from the 1st to the 17th of next month.
The Youth Savings Account is a program where if you save 100,000 KRW per month, the government provides a linked earned income tax credit of 300,000 KRW per month. By saving for three years, you can accumulate a lump sum of 14.4 million KRW (including 3.6 million KRW of your own savings).
This project supports low-income youth in preparing housing deposit funds and education expenses to help them become independent, providing support for one person per household. Eligible applicants are low-income youth aged 15 to 39 years whose recognized income is below 50% of the median income while working in the general labor market.
However, the youth must save 100,000 KRW monthly themselves and continue working for three years. They must also complete an annual training and obtain a nationally certified qualification. Certificates issued by private organizations, not national institutions, are not recognized, and for driver's licenses, only Class 1 large vehicle licenses and special licenses are accepted. Additionally, for more than 50% of the earned income tax credit, proof of usage must be submitted.
Busan City plans to recruit a total of 609 people in two rounds: the first round (April 1?17, 305 people) and the second round (July 1?17, 304 people). Youths wishing to enroll should submit the participation application, savings consent form, and consent form for provision and use of personal information to their local community service center.
A Busan City official said, "Compared to most asset-building support programs, the Youth Savings Account offers a higher amount of support, making it a great opportunity for low-income youth to build the assets necessary for self-reliance."
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