Yeonggwang-gun to Recruit New Subscribers for 'Hope Savings Account II' Until the 15th

[Asia Economy Honam Reporting Headquarters Reporter Jeon Seong] Yeonggwang-gun, Jeollanam-do (Governor Kim Junsung) announced on the 4th that it is recruiting new applicants for the 3rd round of the ‘Hope Savings Account II’ program, which supports low-income workers in accumulating a lump sum to escape poverty, until the 15th.

Eligible applicants must be currently engaged in work activities (employment or business) as of the application date, belong to a household with recognized income at or below 50% of the median income (KRW 1,935,289 for a 3-person household), be a recipient of housing or education benefits, or be in the near-poverty class. General households may also apply if they meet the income and property criteria.

The ‘Hope Savings Account II’ program allows participants to save KRW 100,000 monthly while the government adds an additional KRW 100,000. Upon maturity after 3 years, participants receive their savings plus government support (up to KRW 3.6 million), totaling KRW 7.2 million along with interest support.

The government support funds must be used for purposes essential to self-sufficiency and independence, such as purchasing or renting a home, higher education or technical training for the participant or their children, and startup or operational funds for a business.

This year, the ‘Hope Savings Account II’ program will recruit a total of 48 households in four rounds divided into March, June, August, and October.

Applicants wishing to join should submit an application form and related documents to their local town or township office. After income and property verification, the final candidates will be selected and notified in early October.

A county official stated, “The Hope Savings Account encourages low-income workers by boosting their motivation to work and supports their dreams toward independence. We hope many from the near-poverty class will participate.”