Jungnang-gu 'Hope Double Youth Account' Application Recruitment

On the 6th, Applications Open for '2020 Hope Double Youth Account'... Earned Income Tax Credit and Interest Paid on Savings by Youth

[Asia Economy Reporter Park Jong-il] Jungnang-gu (Mayor Ryu Kyung-gi) is recruiting applicants for the ‘2020 Hope Double Youth Account’ for asset formation of working youth from the 6th to the 24th.

The ‘2020 Hope Double Youth Account’ is an account that supports working youth to establish stable and concrete future plans and become independent. If they save 100,000 KRW or 150,000 KRW monthly for 2 to 3 years, the youth will receive earned income tax credits and interest according to the saved amount.

If saving 150,000 KRW monthly for 3 years, they can receive a total of 10.8 million KRW, which includes their own savings of 5.4 million KRW plus an additional 5.4 million KRW in matching funds, along with interest provided by partner banks.

Applicants must be youth aged between 18 and 34 residing in Jungnang-gu, with a pre-tax earned income of 2.37 million KRW or less per month, and whose dependents (parents or spouse) have an income recognition amount below 80% of the median income standard.

Residents wishing to apply can visit their local community service center or submit their application by mail or email by the 24th.

The district will select 136 applicants based on a scoring table considering eligibility criteria, ranking by highest scores. To prepare for cases where selected applicants may cancel their agreement within the contract period, a total of 146 people including 10 alternates will be selected.

The selected applicants can be confirmed on October 23 on the Jungnang-gu website and the Seoul Welfare Foundation website.

Ryu Kyung-gi, Mayor of Jungnang-gu, said, “Many young people find it difficult to plan for the future due to low income and lack of savings. We hope that through the 2020 Hope Double Youth Account, they can prepare for education expenses, housing costs, marriage funds, and startup or operating funds for their dreams.”