Save 100,000 KRW Monthly, Up to 14.4 Million KRW After 3 Years
911 Applicants to Be Accepted Starting the 18th with Birthdate 5-Day System
[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Jinju City, Gyeongnam Province, is launching a project to support asset formation among young people.
Jinju City is recruiting new subscribers for the ‘Youth Tomorrow Savings Account,’ a program that helps working youth prepare for crises and invest in their future.
The asset formation support project for youth is designed for low-income households and impoverished youth, such as recipients of the National Basic Livelihood Security and near-poverty groups. When these young people save a certain amount monthly in the Youth Tomorrow Savings Account through their work activities, the government matches their savings with earned income incentives to help them accumulate a lump sum.
Eligible account subscribers are working youth aged 19 to 34 whose earned income from work or business exceeds 500,000 KRW but does not exceed 2,000,000 KRW per month. Additionally, the household income of the youth must be at or below 100% of the median income (5,121,080 KRW for a four-person household), and their assets must be 200 million KRW or less (for small and medium-sized cities).
However, for recipients of the National Basic Livelihood Security and near-poverty youth, the eligibility age is expanded to 15 to 39 years old due to the need for additional support, and the earned income criteria do not apply.
This time, Jinju City is recruiting 911 new participants, and the application period is from July 18 to August 5. Applications can be submitted by visiting the local eup/myeon/dong administrative welfare centers or through the Bokjiro website.
To prevent overcrowding of applicants, a five-day rotation system based on birth dates will be implemented until July 29. Those who miss the application during this period can apply additionally for five days from August 1 to August 5.
Selected participants, after income and asset verification, will receive a matching earned income incentive of 100,000 to 300,000 KRW monthly when they deposit at least 100,000 KRW per month for three years. By saving 100,000 KRW monthly, they can receive between 7.2 million and 14.4 million KRW after three years.
Full payment is made only if support conditions are met until maturity; early termination results in receiving only the principal and interest.
A city official stated, "We will continue to do our best to help young people facing economic difficulties settle in society through the Youth Tomorrow Savings Account program.”
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