[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province is publicly recruiting 115 participants for the 'Youth Self-Reliance Double Savings Account' program, which helps out-of-home youth who do not receive family protection achieve economic independence, until the 15th of next month.
The Youth Self-Reliance Double Savings Account is a system where youth save between 10,000 and 100,000 KRW monthly for two years, and the province adds twice the saved amount (up to 200,000 KRW) as additional savings.
If a youth saves 100,000 KRW, the province supports with 200,000 KRW, allowing a total monthly saving of 300,000 KRW. The two-year saving period can be extended up to twice, so saving for six years can accumulate a lump sum of 21.6 million KRW (7.2 million KRW saved by the youth and 14.4 million KRW in support funds).
Eligible applicants are residents of the province aged between 15 and 24 who have lived in a youth shelter for more than one year or have left after residing, or youth who have lived for more than six months and received support for more than six months at a Youth Self-Reliance Support Center.
Especially from this year, eligibility requirements have been relaxed so that youth who have received support for more than one year at a Youth Self-Reliance Support Center can apply for the Double Savings Account even if their stay at a youth shelter was short.
However, those who are participating in or have received support from similar asset-building support projects run by the central government or local governments are excluded from eligibility.
Applicants should prepare the necessary documents and apply at the youth shelter where they currently reside from the 30th of this month until the 15th of next month. Youth who have left the shelter can apply at the last youth shelter they stayed at or the Self-Reliance Support Center where they are currently receiving support.
The province will conduct document screening and finalize the selected youth participants on the 22nd of next month. Selected youth must visit the Gyeonggi Southern Self-Reliance Support Center (Gunpo City) or the Gyeonggi Northern Self-Reliance Support Center (Uijeongbu City) between the 24th and 25th of next month to sign the agreement. The savings can be used for tuition, technical qualifications and employment training, start-ups, housing, medical treatment, marriage, and other purposes that help youth establish stable independence in society.
Kim Hyang-sook, Director of the Lifelong Education Bureau of the province, said, "Economic independence is most important for out-of-home youth to establish stable independence without parental help," and added, "We will strive to help as many youth as possible apply and receive support."
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