Sancheong-gun, Recruitment of Hope Savings Account Beneficiaries for Asset Formation Support Project

Applications open until the 19th in 5 fields, up to 28 million KRW support

Herbal Cultivation Complex Jeonggwangdeul Harvesting Chrysanthemum [Image Source=Sancheong-gun]

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Sancheong-gun, Gyeongnam announced on the 3rd that it is recruiting participants for the ‘Hope Savings Account’ to help low-income groups who want to become self-reliant through work save a lump sum.

The ‘Hope Savings Account’ is a project that supports asset formation and self-reliance for working basic livelihood security recipients and near-poverty households.

New applicants will be recruited in five project areas until the 19th.

The projects include Hope Savings Account (I), Tomorrow Savings Account, Youth Hope Savings Account (recruitment every month from February to November), Hope Savings Account (II), and Youth Savings Account (recruitment four times a year in February, May, August, and October).

Hope Savings Account (I) and Youth Hope Savings Account target households receiving livelihood and medical benefits, supporting up to approximately 28 million KRW after three years of savings upon maturity.

Tomorrow Savings Account targets participants who work at least 12 days per month in the self-support work project group, allowing them to save 50,000 to 200,000 KRW monthly and receive up to 23.4 million KRW at maturity.

The Hope Savings Account (II) project targets near-poverty households with earned income. If they work and save 100,000 KRW monthly for three years during the account subscription period, an earned income incentive (100,000 KRW monthly) is matched. At maturity, they can receive up to 7.2 million KRW plus interest, including their own savings.

A county official said, “This project is being promoted to boost the motivation of residents facing difficulties in daily life and help them save a lump sum. Especially since it is increasingly difficult to save a lump sum these days, we hope that the Hope Savings Account will help lay the foundation for self-reliance and self-support.”