[Seoul District News] Gwanak-gu Recruiting 100 Participants for ‘Euddeum Gwanak Youth Account’ Doubling Savings... Gwangjin-gu Recruiting 307 for ‘Hope Double Youth Account’... Seodaemun-gu Launches ‘100+ Clubs’ for Elementary to High School and Out-of-School Youth... Yeongdeungpo-gu Recruiting 275 New ‘Hope Double Youth Account’ and 8 ‘Kkumnarae Account’ Members from June 2-24... Gwangjin-gu Provides Small Business Management Crisis Support Fund... Songpa-gu Offers 1 Million KRW Management Crisis Support for Small Businesses
[Asia Economy Reporter Park Jong-il] Gwanak-gu will recruit 100 new participants for the 2022 ‘Eutteum Gwanak Youth Account,’ which returns double the amount saved, starting from June 2.
The ‘Eutteum Gwanak Youth Account’ is a project launched in 2020 to support asset formation and independence for working youth facing difficulties with tuition fees, housing costs, and more.
If participants consistently save 100,000 KRW or 150,000 KRW monthly for 2 or 3 years, the district office will match the savings with an earned income incentive, and partner banks will provide additional interest.
For example, saving 150,000 KRW monthly for 3 years results in a total of 10.8 million KRW, combining the participant’s savings of 5.4 million KRW, the district’s matching 5.4 million KRW, plus interest from partner banks.
Until last year, the district selected a total of 160 participants and plans to offer opportunities to 100 youth this year as well.
Eligible applicants are working youth aged 18 to 34 residing in Gwanak-gu, with a pre-tax monthly income of 2.55 million KRW or less, and whose dependents (parents or spouse) have an annual income under 100 million KRW (average monthly pre-tax income of 8.34 million KRW) and assets under 900 million KRW.
Applicants wishing to participate in the ‘Eutteum Gwanak Youth Account’ must apply simultaneously for the 2022 Seoul City ‘Hope Double Youth Account.’ After income and asset verification and document screening, Seoul City will first select participants for the ‘Hope Double Youth Account’ based on high scores, and then Gwanak-gu will select participants from the remaining candidates after additional screening.
The application period is from June 2 to June 24. Applicants can check the announcement on the Gwanak-gu Office website (News & Notices → Public Notices), fill out the application form, and submit it by visiting the local community service center, mailing it, or sending it via email to the community center staff.
The district plans to announce the final selected participants on its website on November 1 after screening.
A district official said, “The COVID-19 pandemic has increased young people’s anxiety about the future. Gwanak-gu will support youth in preparing funds for housing, marriage, education, entrepreneurship, and other dreams through the ‘Eutteum Gwanak Youth Account’ to help them become independent.”
Gwangjin-gu will recruit 307 new participants for the ‘Hope Double Youth Account,’ which returns double the amount saved, starting from June 2.
The ‘Hope Double Youth Account’ is a project launched in 2020 to support asset formation and independence for working youth facing difficulties with housing, education, entrepreneurship, marriage, and more.
Working youth who consistently save 100,000 KRW or 150,000 KRW monthly for 2 or 3 years will receive a matching principal amount from Seoul City and the Welfare Foundation equal to their savings.
For example, saving 150,000 KRW monthly for 3 years results in a total of 10.8 million KRW, combining the participant’s savings of 5.4 million KRW and the matched 5.4 million KRW, plus interest.
Last year, the district selected 307 participants from 864 applicants with a competition rate of 2.8 to 1, and plans to offer opportunities to 307 youth again this year.
Eligible applicants are working youth aged 18 to 34 residing in Gwangjin-gu, with a pre-tax monthly income of 2.55 million KRW or less, and whose dependents (parents or spouse) have an annual income under 100 million KRW (average monthly pre-tax income of 8.34 million KRW) and assets under 900 million KRW. However, applicants who are recipients of livelihood, medical, housing, or education benefits; those with debts exceeding 50 million KRW (excluding student loans and rent deposits); those unable to open a bank account; those who have participated in similar asset formation support projects; family members participating in such projects; or those currently receiving Seoul City youth allowance benefits are not eligible.
Applicants should prepare the application form, a copy of their ID, income and asset declaration forms, and any additional required documents, and submit them by visiting the local community service center or by mail or email to the community center staff between June 2 and June 24. For more details, contact the Welfare Policy Division, Welfare Resources Team of Gwangjin-gu.
The district will announce the selection results on October 14 after income and asset verification and document screening. Selected participants will open accounts and start saving from November 1 for one month.
Seodaemun-gu (Mayor Moon Seok-jin) is promoting the ‘100+ Clubs’ project to enhance self-directed capabilities among youth by involving elementary, middle, and high school students as well as out-of-school youth (ages corresponding to 4th grade elementary through 3rd grade high school) in the district.
Through this, the district will select 121 school clubs and 10 community clubs, providing up to 500,000 KRW in support per club.
The activity period is from June this year to February next year for school clubs, and from June to November for community clubs.
The newly supported community clubs consist solely of youth without adult leaders, who plan, operate, and manage the entire process and funds themselves.
This project plan was developed over the past four months through collaboration between the 100+ Clubs Promotion Team and youth from the Club Federation.
The community clubs will start with 10 this year and gradually expand, providing a space for youth to freely engage beyond school boundaries.
School clubs can apply with one adult leader and at least five youth members, while community clubs require at least three youth members.
Interested parties can apply by June 25. School clubs must submit an official document approved by the school principal, and community clubs can refer to the Hong Eun Youth Culture House website (Community → Notices) for application details.
Mayor Moon Seok-jin said, “We expect the selected clubs to contribute greatly to youth culture activation by participating in exchanges and the Seodaemun-gu Youth Union Festival ‘Cheongcheong.’”
Yeongdeungpo-gu will recruit new participants for the ‘Hope Double Youth Account’ and ‘Kkum Narae Account’ from June 2 to 24 to support the independence of working youth and child-rearing in low-income households.
These account programs help solve various financial issues related to housing, marriage, and child education, and encourage independence and work motivation through asset formation support.
By saving a fixed amount monthly, Seoul City’s budget and private donations provide matching funds at a certain ratio, allowing participants to receive more than double their principal plus interest at maturity.
The ‘Hope Double Youth Account’ for youth savings targets working youth aged 18 to 34 residing in Seoul as of the announcement date (May 23, 2022).
Applicants must have a pre-tax monthly income of 2.55 million KRW or less, with dependents’ income under 100 million KRW annually (monthly 8.34 million KRW) and assets under 900 million KRW.
Participants can choose a monthly saving amount of 100,000 KRW or 150,000 KRW and a saving period of 2 or 3 years. Saving 150,000 KRW monthly for 3 years can yield up to 10.8 million KRW plus interest at maturity.
The ‘Kkum Narae Account’ for child education savings is available to parents (legal guardians) aged 18 or older with children under 14 years old. Applicants must reside in Seoul as of the announcement date, and the household’s recognized income must be below 80% of the median income (90% for households with three or more children). Only one child per household can apply.
Monthly saving amounts are 50,000 KRW, 70,000 KRW, 100,000 KRW, or 120,000 KRW, with saving periods of 3 or 5 years. Depending on the amount saved, recipients of livelihood and medical benefits receive 100% matching, while recipients of housing and education benefits and non-recipients receive 50% matching.
Application forms, announcements, and required documents can be downloaded from the Yeongdeungpo-gu Office, Seoul City, and Seoul Welfare Foundation websites. Applicants can submit documents in person at their local community service center, by mail, or email to the community center staff.
After application, eligibility and income criteria are preliminarily reviewed. Qualified applicants are then scored based on residence period in Seoul, income and assets, age, saving plan, and usage plan.
Based on scores, 275 participants for the Hope Double Youth Account and 8 for the Kkum Narae Account will be selected, with results announced on October 14.
For more information, contact the Seoul City Hope Double Youth Account and Kkum Narae Account call center, the Seoul Dasan Call Foundation, or visit the official asset formation support project website.
A district official said, “We hope residents facing difficulties with housing, marriage, and education will be able to nurture their dreams and hopes through these account programs,” urging youth and low-income households to participate actively.
Gwangjin-gu is implementing the ‘Small Business Management Crisis Support Fund’ to assist small business owners in management crisis sectors who were excluded from government loss compensation.
This project supports small business owners who experienced sales declines after the COVID-19 outbreak but were not subject to government closure or business restriction orders and thus did not receive government loss compensation.
Eligible recipients are small business owners with business registration addresses in Gwangjin-gu, currently operating businesses who received the first round of government quarantine support funds, have confirmed sales declines, and received the Support Fund Plus or Hope Recovery Fund as part of the management crisis sectors. However, recipients of Seoul City tenant small business support funds, tourism industry crisis recovery funds, rent reduction beneficiaries from Seoul City or its affiliated institutions, and businesses closed as of the announcement date are excluded.
Qualified small business owners will receive 1 million KRW per business location. From May 20, applicants identified as eligible will receive sequential text messages containing unique application numbers.
Recipients who receive the text message can apply for the management crisis support fund online at the Seoul Management Crisis Support Fund website from May 20 to midnight June 24 by verifying their identity and following the application procedure.
Details on key points, application methods, and procedures are available in the instructional video on the website. For more information, contact the Dasan Call Center or the Gwangjin-gu Office Regional Economy Division.
Songpa-gu will provide 1 million KRW in support funds to small business owners in management crisis sectors who have suffered cumulative damage due to the prolonged COVID-19 pandemic.
Eligibility requires the business location to be in Seoul as per the business registration certificate, the business to be currently operating as of the announcement date, and the recipient to have received the first round of government quarantine support funds with confirmed sales decline. Additionally, the recipient must have received the Support Fund Plus or Hope Recovery Fund last year as a management crisis sector. However, recipients of Seoul City tenant small business support funds, tourism industry crisis recovery support, and rent reduction beneficiaries from Seoul City or its affiliated institutions are excluded.
Seoul City will send unique application numbers to eligible recipients based on the last digit of their business registration number between May 20 and June 3.
Applicants must apply directly on the Seoul Management Crisis Support Fund website from May 20 to June 24, entering their unique application number during submission.
Songpa-gu plans to assist elderly store owners and others who have difficulty using online services by providing on-site support to ensure no eligible recipients miss the application.
A district official said, “We will continue to provide administrative support to help small business owners overcome management crises caused by the prolonged COVID-19 pandemic.”
For inquiries, contact the Dasan Call Center, Songpa-gu Office Regional Economy Division, or Songpa-gu Small Business Comprehensive Support Center.
Dongjak-gu (Mayor Lee Chang-woo) will provide 1 million KRW in ‘Seoul Management Crisis Support Fund’ to small business owners in management crisis sectors within the district who experienced sales declines due to COVID-19 but did not receive proper government loss compensation.
This support targets small business owners not subject to closure or business restriction orders and thus excluded from government loss compensation, or those with annual sales exceeding 200 million KRW who were also excluded from Seoul City tenant support funds.
Management crisis sectors are defined as 277 industries with a 10% or more sales decrease in 2020 compared to 2019 based on National Tax Service reports.
Eligible recipients are small business owners with business locations in Seoul currently operating, who received the first round of government quarantine support funds and the Support Fund Plus or Hope Recovery Fund due to sales decline in management crisis sectors. However, recipients of Seoul City tenant small business support funds, tourism industry crisis recovery funds, rent reduction beneficiaries from Seoul City or its affiliated institutions, and businesses closed as of the announcement date are excluded.
From May 20, eligible recipients will receive sequential text messages containing unique application numbers based on the last digit of their business registration number.
Recipients who receive the text message can apply online via the Seoul Management Crisis Support Fund website by June 24. If there are no issues with the application, the support fund will be deposited into the provided bank account within 7 days.
For more information, contact the Economic Promotion Division or the Dasan Call Center at 120.
Meanwhile, the district also supports the Yellow Umbrella Fund Incentive, disaster relief funds for small business owners who closed due to closure or business restriction orders, tenant small business support funds, quarantine supplies for small business owners subject to the vaccine pass mandate, and a 3 billion KRW Small Business Development Fund.
Yang Hye-young, head of the Economic Promotion Division, said, “We will continue to listen to the voices of small business owners struggling due to COVID-19 and prepare support measures without blind spots.”
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