Daejeon City Supports Youth Asset Formation with 'Future Double Youth Account'

Daejeon City is recruiting young people to participate in the ‘Future Double Youth Account’ project. This project is implemented to support asset formation for local working youth.

On the 21st, the city announced that applications for participation in the project will be accepted on the ‘Future Double Youth Account’ website from July 2 to 16.

The ‘Future Double Youth Account’ is the new name for the Youth Hope Account introduced in 2018. The city has improved the savings amount, savings period, income criteria, and application method of the existing project and will apply these changes starting this year.

First, the monthly savings amount, which was 150,000 KRW, has been changed to either 100,000 KRW or 150,000 KRW. Also, the savings period has been adjusted from the previous 36 months to a choice between 24 months or 36 months, and the income criteria have been expanded from the previous household income recognition amount of 120% or less to 140% or less of the median income to broaden eligibility.

The application method has also changed from the previous administrative welfare centers to online starting this year.

In particular, the city has improved the project method to remove the restriction that only one person per household could apply, allowing individuals to apply regardless of the number of household members starting this year.

Participants in the ‘Future Double Youth Account’ can choose to save 100,000 KRW or 150,000 KRW monthly for 2 or 3 years, and the city will match the savings amount equally.

For example, a young person who saves 150,000 KRW monthly for 3 years can receive the 5.4 million KRW they saved at maturity, plus 5.4 million KRW supported by the city (a total of 10.8 million KRW), along with interest.

Eligibility requires that as of the announcement date, applicants must be wage workers or business income earners registered as residents in Daejeon, with a median income of 140% or less, aged between 18 and 39 years old.

A total of 1,300 people can participate in the project. The city plans to select final participants by reflecting rankings based on income (lowest first), length of residence (longest first), and age (highest first). The selection results will be announced on June 23.

For more detailed information about the project, please refer to the announcement posted on the city’s website or the Future Double Youth Account website.

Meanwhile, last year’s Youth Account recruited 1,000 people and received 4,074 applications, recording a competition rate of 4 to 1.

Min Dong-hee, Director of the City Welfare Bureau, said, “The Future Double Youth Account is a project promoted to increase the work motivation of young people who work diligently in our region and to support the foundation for their independence,” adding, “We hope for the active interest and participation of young people.”