Up to 3.75% Annual Interest for 3 Years, 500 Youths Aged 19 to 34
[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] Changwon City in Gyeongnam Province and BNK Gyeongnam Bank are implementing the ‘Changwon Youth Tomorrow Account’ project.
Changwon City is recruiting 500 participants for the 2022 Changwon Youth Tomorrow Account project by the 19th to support local youth in preparing for a stable future and achieving independence.
If a youth saves 150,000 KRW monthly for 36 months, Changwon City will match the amount with an additional 150,000 KRW, so at maturity, participants will receive double their savings plus preferential interest provided by Gyeongnam Bank.
If preferential interest rates are applied to the basic interest rate over three years, a maximum pre-tax annual interest rate of 3.75% will be applied.
Eligible applicants are youths aged 19 to 34 as of April 4, 2022, who are registered residents of Changwon City.
Applicants must be wage earners currently working at a local business registered under the four major social insurances since before February 1, 2022; foreigners, self-employed individuals, business owners, and overseas workers are not eligible.
Applicants must have had a monthly average pre-tax earned income of 2.2 million KRW or less over the last two months from February to March 2022, and household income must be at or below 120% of the median income.
Applications must be submitted in person at the applicant’s local eup/myeon/dong administrative welfare center; in unavoidable cases, proxy applications are allowed only for the same household member with a power of attorney.
Only one application per household is allowed; if two or more members from the same household apply and are selected, all applications will be canceled.
Those who have participated in other asset-building support projects such as Youth Hope Savings Account, Tomorrow Savings Account, Hope Savings Account I & II, or Youth Savings Account by other local governments or the Ministry of Health and Welfare are excluded.
Participants in the Ministry of Employment and Labor or Small and Medium Business Corporation’s Youth Tomorrow Savings Deduction, previous beneficiaries or early terminators of the Changwon Youth Tomorrow Account, and government employees working for national or local governments are also ineligible.
National work-study students, military service members, industrial technical personnel, social service agents, and other alternative service personnel, as well as those engaged in non-social industries such as luxury, illegal, or entertainment sectors, cannot apply.
Selected participants will be announced on May 3 through the public notice board on the Changwon City Hall website, and the application number received at submission will be used for identification.
After the announcement, once the product is available, participants can sign up at BNK Gyeongnam Bank branches or via the mobile banking app.
For more details, inquiries can be made at the local eup/myeon/dong administrative welfare center or the city hall’s population and youth department.
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