Gyeonggi-do Expands 'Youth Support Project'... Plans to Promote Asset-Building Savings Project for Disabled People Next Year

[Asia Economy (Suwon) = Reporter Lee Young-gyu] 'Support projects for young workers in small and medium-sized enterprises, support for young people's mental health treatment expenses, and the first-ever national pension subscription encouragement project...'

These are recent support policies introduced by Gyeonggi Province for young people in the province who are experiencing relative deprivation comparable to the elderly. Next year, the province plans to promote an asset-building savings project for young people with severe disabilities.

This project provides a 1:1 matching budget support (up to 100,000 KRW per month) when young adults with severe disabilities in the province save money for 24 months. The project will be implemented starting next year, and the project name has been decided as 'Gyeonggi-do Disabled Nuri Account.' The province expects that about 1,200 young people with severe disabilities in the province will benefit in the first year of the project.

Young people with severe disabilities participating in the project will secure up to 5 million KRW (savings + support funds + interest) over two years by combining their own savings with provincial support funds.

The province believes this will help young people with disabilities to enter society and achieve economic independence.

However, to prevent duplicate support, young people with severe disabilities participating in similar asset-building support projects will be excluded from eligibility. Similar projects excluded from support include Hope Keyum, Tomorrow Keyum accounts, and the Youth Tomorrow Savings Deduction.

Currently, Seoul City, which is running a similar project, has been providing up to 150,000 KRW monthly additional savings for three years to severe disabled persons aged 15 to 39 from households with income below 100% of the median income through the 'Seoul City Irum Account' project since 2018.

A provincial official said, "This project was planned to help young people with severe disabilities in the province settle stably in the local community and naturally learn economic concepts. We will do our best to ensure the project is properly implemented through smooth consultations with the government and the provincial council."

Earlier, the province introduced and is implementing the 'Small and Medium Enterprise Young Worker Support Project,' which provides up to 4.8 million KRW in earned income tax credits over two years to young workers in small and medium-sized enterprises in the province. This project pays up to 600,000 KRW quarterly in local currency to young people aged 18 to 34 residing in Gyeonggi Province who work at least 36 hours per week in small and medium-sized enterprises with a monthly salary of 2.7 million KRW or less.

The province recently expanded the target diseases for the 'Young People's Mental Health Treatment Expense Support' project, which supports outpatient psychiatric treatment expenses without income conditions, from schizophrenia and depression to include stress and neuralgia.

Additionally, to ensure stable retirement income and future planning for young people in the province, the 'First-ever Youth National Pension Subscription Encouragement Project' is being conducted to guide early subscription to the national pension.

This project focuses on actively informing and assisting young people that early subscription to the national pension increases pension benefits after retirement. The province offers a mobile book and culture gift certificate (30,000 KRW) until the end of this year upon completion of its own educational content.