Guro-gu Promotes 'Guro-type Youth Tomorrow Savings Program' Project

Joint Savings System Adding Interest to 'Youth's Own Savings, Government Support, and Corporate Contributions'... District Office Provides 3 Million Won Per Person to Reduce Burden of SME Corporate Contributions

[Asia Economy Reporter Jong-il Park] Guro-gu (Mayor Lee Seong) is promoting the ‘Guro-type Youth Tomorrow Savings Program’.

On the 5th, Guro-gu announced that it will implement the ‘Guro-type Youth Tomorrow Savings Program’ to reduce the financial burden on small and medium-sized enterprises and provide young people with opportunities for regular employment and seed money.

The ‘Youth Tomorrow Savings Program’ is a system where the government, companies, and youth jointly accumulate savings for 2 or 3 years to support long-term employment and lump-sum savings for young people employed as regular workers in small and medium-sized enterprises.

Based on the 2-year plan, a total of more than 16 million KRW can be accumulated, including 3 million KRW of personal savings, 9 million KRW government support, 4 million KRW company contribution, and interest.

The ‘Guro-type Youth Tomorrow Savings Program’ is a project where the district office reviews and provides 3 million KRW in support funds according to its own manual when local companies participating in the government’s Youth Tomorrow Savings Program hire regular young employees. It was established to support small and medium-sized enterprises and increase quality jobs.

Eligibility for application includes local companies with 5 or more employees insured under employment insurance (companies with fewer than 5 employees such as venture and youth start-ups are also eligible) that hired regular young workers aged 15 to 34 residing in Seoul last year.

If the employed youth graduated from a high school or university located in Guro-gu, they can receive support regardless of their address. However, youths who have already received support through the Guro-type Youth Tomorrow Savings Program in 2019 are excluded. Up to 5 people per workplace can be supported, and applications are accepted until the end of the year.

Companies wishing to participate must complete preliminary procedures such as joining the Youth Tomorrow Savings Program and then apply through the district office website.