[Hwasun=Asia Economy Honam Reporting Headquarters Reporter Kim Ji-woon] Jeollanam-do Hwasun-gun announced on the 1st that it will recruit new subscribers for the ‘Hope Savings Account I·II’ program, which supports asset formation for low-income households, starting from the 6th.
The ‘Hope Savings Account I·II’ program is a system that helps working low-income households build assets by saving at least 100,000 KRW monthly, with the government adding a monthly earned income incentive.
The application deadline is until the 20th for Hope Savings Account I and until the 19th for Hope Savings Account II.
Applications can be made by visiting the administrative welfare centers in the applicant’s resident town or township.
The eligibility for ‘Hope Savings Account I’ is households receiving livelihood or medical benefits whose earned or business income at the time of application is between 60% and 40% of the median income standard.
Hope Savings Account I requires working and saving at least 100,000 KRW monthly for three years. If the recipient no longer qualifies for livelihood or medical benefits during this period, an additional monthly earned income incentive of 300,000 KRW is deposited. At the end of three years, the account holder will receive at least 14.4 million KRW (including 3.6 million KRW of personal savings) plus interest.
The eligibility for ‘Hope Savings Account II’ includes working households receiving housing or education benefits and other near-poverty class households.
Hope Savings Account II requires saving at least 100,000 KRW monthly for three years while continuing work activities. Upon completion of education and case management and providing proof of support fund usage, an additional monthly earned income incentive of 100,000 KRW is deposited. At maturity after three years, the account holder will receive 7.2 million KRW (including 3.6 million KRW of personal savings) plus interest.
Hope Savings Account I recruits applicants eight times annually from this month through November, while Hope Savings Account II recruits three times annually in April, July, and October.
Eligible households should apply according to the recruitment period.
The ‘Youth Tomorrow Savings Account (below near-poverty and above near-poverty)’ scheduled to be launched in July this year will expand its support eligibility from the previous median income 50% or below to up to 100%.
For more details, contact the Social Welfare Division’s Livelihood Security Team or the administrative welfare centers in towns or townships.
Hwasun=Asia Economy Honam Reporting Headquarters Reporter Kim Ji-woon rosaria0704@asiae.co.kr
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