Gimhae-si Recruiting Subscribers for 'Youth Tomorrow Savings Account'

From the 18th to August 5th, Applications Accepted via Bokjiro Website and Community Centers

Gimhae City Hall, Gyeongnam. / Photo by Se-ryeong Lee ryeong@

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] Gimhae City, Gyeongnam Province, will recruit subscribers for the ‘Youth Tomorrow Savings Account’ from the 18th to August 5th.

The Youth Tomorrow Savings Account is a special government youth policy designed to help young people build assets. If a youth saves 100,000 KRW monthly for three years, the government supports with 100,000 to 300,000 KRW monthly.

Over three years, the youth’s total savings of 3.6 million KRW combined with the government’s minimum 3.6 million KRW to maximum 10.8 million KRW results in a maximum of 14.4 million KRW accumulated.

This program merges the Youth Hope Savings Account and Youth Savings Account, which were previously only available to youth under the lower-income bracket, expanding eligibility to include youth above the lower-income bracket such as existing livelihood, medical, housing, and education benefit recipients.

Support Details, Account Maintenance Conditions, and Benefits of the Youth Tomorrow Savings Account.

For those under the lower-income bracket, eligibility includes ▲ages 15 to 39 ▲household income at or below 50% of the median income, which is 2,565,400 KRW for a family of four ▲and having earned income from work or business.

If saving 100,000 KRW monthly, 300,000 KRW is accumulated monthly, allowing up to 14.4 million KRW at maturity.

For those exceeding the lower-income bracket, eligibility includes ▲ages 19 to 34 ▲household income at or below 100% of the median income, which is 5,121,080 KRW for a family of four ▲and earned income between 500,000 KRW and 2 million KRW monthly.

If saving 100,000 KRW monthly, a government subsidy of 100,000 KRW is provided monthly, allowing up to 7.2 million KRW at maturity.

The household asset standard for both lower-income and above-lower-income applicants is below 200 million KRW for small and medium-sized cities.

Applications can be made through the Internet Bokjiro website or at the local eup, myeon, or dong community service centers. From July 18 to 29, applications will be accepted based on a five-day rotation system according to birthdate weekdays.

If applicants miss the five-day rotation period, additional applications can be submitted from August 1 to 5.

For inquiries, contact the Ministry of Health and Welfare call center, Gimhae City Life Stability Division’s Self-Support Welfare Team, or the local administrative welfare center.

A city official stated, “We hope the Youth Tomorrow Savings Account will be a practical help for young people to plan their dreams and future and invest in their future.”