Opportunities for Asset Accumulation for Low-Income Groups, Applications Open from April 6 to 20
[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Hamyang-gun, Gyeongnam Province, will recruit new subscribers for the asset-building support program "Hope Savings Account I, II" to help low-income families accumulate lump sums and achieve self-reliance starting April 6.
The asset-building support savings account program assists working low-income households by allowing them to save at least 100,000 KRW monthly, with the government adding a monthly earned income incentive to help them accumulate a lump sum.
The eligibility for "Hope Savings Account I" includes households receiving livelihood or medical benefits whose total earned and business income is between 40% and 60% of the median income standard. By maintaining employment and saving at least 100,000 KRW monthly for three years, and upon exiting the livelihood or medical benefit program, a monthly earned income incentive of 300,000 KRW is additionally deposited, resulting in a maturity amount of 14.4 million KRW (including 3.6 million KRW of personal savings) plus interest after three years.
The eligibility for "Hope Savings Account II" includes households currently working with recognized income at or below 50% of the median income standard, such as those receiving housing or education benefits and near-poverty households. By maintaining employment and saving at least 100,000 KRW monthly for three years, a monthly earned income incentive of 100,000 KRW is additionally deposited, resulting in a maturity amount of 7.2 million KRW (including 3.6 million KRW of personal savings) plus interest after three years.
The application deadline is April 20 for "Hope Savings Account I" and April 19 for "Hope Savings Account II." Applicants can apply by visiting the resident life office in their local eup or myeon district.
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