Damyang-gun, Recruiting Account Holders for Asset Formation Support Project for Low-Income Families

Providing Lump-Sum Savings Opportunities for Basic Livelihood Security Recipients, Near-Poor, and Those Above Near-Poor Thresholds

[Asia Economy Honam Reporting Headquarters, Reporter Kim Chunsu] Damyang-gun, Jeollanam-do announced on the 11th that it is recruiting subscribers for the ‘Asset Formation Support Project’ account to help low-income households with working ability to save a lump sum and support self-reliance.

The Asset Formation Support Project is a program that matches government subsidies (earned income incentives) to the savings of low-income households over three years to help them accumulate a lump sum.

The ‘Hope Savings Account I’ targets working households receiving livelihood and medical benefits. If they work for three years and save at least 100,000 KRW per month, they can receive an additional 300,000 KRW earned income incentive. Upon completion after three years and exiting the benefit program, they will receive 14.4 million KRW (including 3.6 million KRW of their own savings) plus interest.

The ‘Hope Savings Account II’ for housing and education benefit households and near-poverty households (below 50% of the median income) allows participants to continue working for three years and save at least 100,000 KRW monthly, receiving an additional 100,000 KRW earned income incentive per month, totaling 7.2 million KRW (including 3.6 million KRW of their own savings) plus interest.

Additionally, the ‘Youth Tomorrow Savings Account,’ scheduled to open recruitment in July, will expand support by extending eligibility from households exceeding near-poverty with 50% of the median income (ages 15 to 39) to those below 100% of the median income (ages 19 to 34).

The application deadline is the 20th for Hope Savings Account I and the 19th for Hope Savings Account II, and applications can be submitted at the local town or township office of the applicant’s residence.