Suncheon City Recruiting Subscribers for 7.2 Million Won Lump Sum 'Suncheon Youth Hope Account'

Support Fund for Asset Formation for Working Suncheon Youth

[Suncheon=Asia Economy Honam Reporting Headquarters Reporter Lee Hyung-kwon] Suncheon City, Jeollanam-do announced on the 21st that it will recruit new subscribers for the ‘Working Suncheon Youth Hope Account’ for 8 days from the 25th of this month to the 4th of next month to support young people’s stable future preparation and independence.

This project is a 1:1 matching program where Suncheon City and young people open accounts and jointly save 100,000 KRW monthly for 36 months. Upon maturity, the youth receive double the amount they saved, 7.2 million KRW, plus interest. Since 2018, a total of 425 young people have received support for lump-sum savings.

The ‘Suncheon Youth Hope Account’ is open to working youth aged 19 to 39 as of the announcement date, with a monthly income of 2 million KRW or less, and household median income at or below 120%. Anyone meeting these eligibility criteria can apply.

However, early termination occurs if the participant moves to another region during the saving period or misses payments six times or more.

Those wishing to participate should prepare application documents such as proof of work experience, labor income, and household income verification, and apply in person at the Suncheon Youth Center by the 4th of next month.

A Suncheon City official stated, “We expect the Suncheon Youth Hope Account to be an effective welfare policy for young people during their economic independence period,” and added, “We will actively support asset formation for working youth by gradually increasing the number of beneficiaries by 100 each year.”

For more details, please check the Suncheon City website and the Suncheon Youth Center blog, or contact the Suncheon Youth Center Dreaming Youth for guidance.