Matching Incentives at a Fixed Rate on Personal Savings Contributions, Lump Sum Payment After 3-Year Maturity
[Asia Economy Yeongnam Reporting Headquarters Reporter Park Saeyan] Changwon City, Gyeongnam Province, will recruit new first-round subscribers for this year's Asset Formation Support Project starting February 1 to promote the work motivation of low-income earners and help asset formation and self-reliance.
The Asset Formation Support Project is a financial support program that matches a certain percentage of incentives when low-income earners with earned income save their own savings, and pays out a lump sum after a 3-year maturity.
There are five types: Hope Savings Account I, Hope Savings Account II, Tomorrow Savings Account, Youth Hope Savings Account, and Youth Savings Account. Depending on the project, support ranges from 7.2 million KRW to a maximum of 23.4 million KRW, including the subscriber's own savings.
Subscribers must continue working during the subscription period, and to receive the final payment at the maturity of the account, they must meet payment conditions according to the project type, such as withdrawal from welfare benefits, employment or start-up, completion of self-reliance capacity education, participation in case management, or acquisition of nationally certified qualifications.
Applications for Hope Savings Account I, Tomorrow Savings Account, and Youth Hope Savings Account can be submitted at the administrative welfare centers of the town, township, or neighborhood of the address until February 18, and for Hope Savings Account II and Youth Savings Account until February 19.
Inquiries about the project, subscription, and verification of required documents can be made through Changwon City Hall, social welfare departments of each district office, and administrative welfare centers of the town, township, or neighborhood of residence.
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