Support for Low-Income and Youth Savings, Changwon City Provides Assistance!

New Enrollment for Asset Formation Support Starts from the 6th

Deposit at Least 100,000 KRW Monthly, Receive 7.2 to 14.4 Million KRW

Changwon City Hall, Gyeongnam.

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] Changwon City, Gyeongnam Province, will conduct the first recruitment of new subscribers for Hope Savings Account I and Hope Savings Account II from the 6th to the 20th of this month.

The city is implementing an asset-building support project to help working recipients of the National Basic Livelihood Security and the near-poor class prepare a lump sum of money necessary for self-reliance.

This project provides government subsidies at a 1:1 or 1:3 ratio to the individual's savings, allowing them to receive funds after a 3-year maturity. It is explained that one can prepare a lump sum of money that is 1 to 3 times greater than the amount they saved, starting from at least 100,000 KRW.

The project is conducted through three types of accounts: Hope Savings Account I, Hope Savings Account II, and Youth Tomorrow Savings Account. The first recruitment in April applies to Hope Savings Account I and II.

Hope Savings Account I is for households receiving livelihood or medical benefits with at least one working member, and at the time of application, the total earned income of the entire household must be at least 60% of 40% of the median income standard to be eligible.

For a personal monthly savings amount of at least 100,000 KRW, a labor income incentive of 300,000 KRW is provided. Upon maturity after 3 years, if the recipient exits the benefit program, a minimum of 14.4 million KRW will be paid.

Hope Savings Account II is for households receiving housing or education benefits with income recognition below 50% of the median income standard, or near-poor households with earned income at the time of application.

For a personal monthly savings amount of at least 100,000 KRW, a labor income incentive of 100,000 KRW is provided. Upon maturity after 3 years, if the participant meets the criteria of participating in self-reliance capacity education and case management, and provides proof of usage for 50% of the subsidy amount, they can receive at least 7.2 million KRW.

The Youth Tomorrow Savings Account is an asset-building project for youth aged 15 to 39 who are engaged in work activities.

Based on the median income standard, it is divided into near-poor or above near-poor categories, and new recruitment is planned to start in July.

The first application for the asset-building project can be made at the administrative welfare centers of the applicant’s local eup, myeon, or dong until April 20. For detailed information and required documents, inquiries can be made at the Changwon City Hall Self-Reliance Support Division, social welfare departments of each district office, or the administrative welfare centers of the applicant’s local eup, myeon, or dong.