Woori Bank Launches Youth Fund with 'Income Deduction Benefits'

For Young Adults Aged 19 to 34... Sales Until December This Year
Up to 40% Contribution Deduction for Income Tax, Maximum 5 Years

Woori Bank announced that it will start selling the Youth Long-term Collective Investment Securities Savings (Youth Long-term Fund), which provides income tax deductions on contributions, on the 20th.

In line with the purpose of supporting youth asset formation and long-term investment, four types have been launched considering various investment preferences: active type, passive type, thematic stocks (IT sector), and mixed stocks and bonds type.

Subscribers can receive an income tax deduction of 40% of the contribution amount for up to 5 years from the subscription date, within a combined maximum limit of 6 million KRW across all financial institutions. If the subscription is canceled within 3 years from the subscription date, the deducted amount will be taxed as income tax.

The Youth Long-term Fund, which is temporarily sold until the end of this year, targets young people born between 1989 and 2004 (aged 19 to 34) with a total salary of 50 million KRW or less or a comprehensive income amount of 38 million KRW or less. However, for young people who have fulfilled their military service obligations, the service period (up to 6 years) is deducted when calculating age.

Subscriptions are available at branch counters or through Woori Bank’s application ‘Woori WON Banking,’ and an ‘Income Verification Certificate (for Youth Long-term Collective Investment Securities Savings subscription and tax special case application)’ issued by the National Tax Service Hometax is required.

A Woori Bank official stated, “We plan to closely analyze the financial trends of the youth and additionally launch fund products targeting the youth in the future.”