Daejeon City "Principal Doubles at 3-Year Savings Maturity... Recruiting Applicants for Youth Hope Account"

[Asia Economy (Daejeon) Reporter Jeong Il-woong] Daejeon City is accepting applications for the Youth Hope Savings Account. The Youth Hope Savings Account is established with the purpose of helping young people achieve financial independence and accumulate a lump sum by returning more than twice the principal amount at the maturity of the savings.

On the 24th, the city announced that it will recruit applicants for the Youth Hope Savings Account on the city website from the 1st to the 15th of next month.

The subscription period for the Youth Hope Savings Account is 36 months, with an applied interest rate of 2.5%. Young workers who subscribe to this account and save 150,000 KRW monthly can receive a total of 11 million KRW, including interest and their own savings, at the 3-year maturity.

This amount includes the sum of the subscriber’s monthly savings matched by the city (150,000 KRW per month) plus interest.

Last year, the Youth Hope Savings Account attracted significant interest from local youth, with 1,154 applicants competing for 500 spots, resulting in a competition rate of 2.31 to 1.

Accordingly, this year the city has increased the number of applicants to 1,000 so that more young people can benefit evenly. Additionally, 100 reserve candidates will be selected beyond the target number to replace any initial dropouts.

Eligibility requires applicants to be young workers aged between 18 and 39, registered residents of Daejeon as of the announcement date (the 23rd), and only one application per household is allowed.

Young workers wishing to subscribe to the Youth Hope Savings Account can download the application form from the city website or the Daejeon Job and Economy Promotion Agency’s Daejeon Biz, complete it, and submit it in person at the administrative welfare center with jurisdiction over their address.

After the application deadline, the city will conduct document screening and decide on the selected candidates in early September, with the list of selected applicants to be posted on the city website.

Park Moon-yong, Director of the Youth and Family Bureau of the city, said, “The Youth Hope Savings Account is a project implemented to increase the work motivation of young people who work diligently in the region and to establish a foundation for independence. This year, reflecting youth opinions, the selection criteria have been adjusted to below 120% of the median income, so we hope for active interest and participation from young people.”