Damyang-gun Recruiting Participants for 'Asset Building Support Project' for Youth

Save 100,000 Won Monthly and Receive an Additional 100,000 to 300,000 Won Support Every Month, Until the 5th of Next Month

[Asia Economy Honam Reporting Headquarters Reporter Kim Chunsu] Damyang-gun, Jeollanam-do announced on the 27th that it is recruiting account subscribers for the ‘2022 Asset Formation Support Project’ to help low-income individuals with work ability become self-reliant by saving a lump sum of money until the 5th of next month.

The Asset Formation Support Project (Youth Tomorrow Savings Account) is an account program that matches government subsidies and interest to the individual's savings over three years to help low-income households save a lump sum.

The ‘Youth Tomorrow Savings Account’ accepts applications divided into lower-income youth and youth exceeding the lower-income threshold.

For lower-income youth (below 50% of the median income standard, aged 15 to 39), when saving 100,000 KRW, the government supports 300,000 KRW monthly, allowing them to receive 14.4 million KRW including their own savings and interest upon maturity.

For youth exceeding the lower-income threshold (100% of the median income standard, aged 19 to 34), when saving 100,000 KRW, the government supports 100,000 KRW, providing a total of 7.2 million KRW including their own savings and interest.

To receive the Youth Tomorrow Savings Account benefits, one must continue working for three years, complete 10 hours of education, and submit a fund usage plan, among other requirements.

If you wish to apply, you can consult and decide by contacting the Eup/Myeon offices (welfare) or the Resident Welfare Division (Living Security) at the county office.