Geumcheon-gu, Recruiting New Subscribers for Hope Double Youth Account

If You Save 100,000 or 150,000 KRW Monthly for 2-3 Years, Get 1:1 Matching Bonus... Apply at Local Community Center from June 2 to 24

[Asia Economy Reporter Park Jong-il] Geumcheon-gu is recruiting 211 participants for the ‘2022 Hope Double Youth Account’ from June 2 to June 24 to help low-income youth become self-reliant.

The Hope Double Youth Account is a system that helps young people form assets for purposes such as housing costs, education expenses, startup funds, and marriage expenses so they can prepare for a hopeful future.

Youth aged 18 to 34 can save 100,000 KRW or 150,000 KRW monthly depending on their circumstances, and at maturity, they will receive the principal plus matching support funds and interest.

If a working youth saves 150,000 KRW monthly for three years, after three years they will receive their own savings of 5.4 million KRW, matching support funds of 5.4 million KRW, plus interest, totaling 10.8 million KRW + α.

Eligibility requires that as of the announcement date (May 23, 2022), applicants are working and residing in Geumcheon-gu, aged 18 to 34 (born between 1987 and 2004), and meet the following conditions: ▲ personal income of 2.55 million KRW or less per month before tax ▲ income of dependents (parents or spouse) less than 1 billion KRW annually (average monthly pre-tax 8.34 million KRW), and assets less than 900 million KRW (combined assets of father and mother; spouse’s assets calculated separately from parents).

Application forms can be downloaded from the Geumcheon-gu Office website under ‘Notices and Announcements,’ the Seoul Metropolitan Government website, or the Seoul Welfare Foundation website, or applicants can visit their local community service center to complete and submit the application.

After receiving applications, Geumcheon-gu will verify the income, assets, and participation in similar programs of applicants and their dependents to select candidates. The final selected participants will be announced on October 14.

Kim Eun-joo, Director of the Welfare Policy Division, said, “The Hope Double Youth Account is a great opportunity for young people to prepare funds for their future, so we hope for much interest and participation.”

For more details, inquiries can be made to the Welfare Policy Division of Geumcheon-gu Office or the Hope Double Youth Account call center.