Youth Monthly Payment of 100,000 Won · Up to 300,000 Won Additional Accumulation in Mapo-gu

Mapo-gu Adds ‘Bonus’ to Accounts of Working Low-Income Youth

Youth from households with income below 100% of the median income who deposit 100,000 KRW monthly can receive an additional 100,000 to 300,000 KRW monthly

Applications accepted until the 26th, savings possible for 3 years, can be combined with Youth Tomorrow Savings Deduction

Mapo-gu (Mayor Park Gang-su) is recruiting new participants for the Youth Tomorrow Savings Account program until the 26th.

The Youth Tomorrow Savings Account, launched last year, is a government policy that helps low-income youth build assets and achieve independence by adding up to three times the amount saved to their deposits.

The eligible recipients are divided into two groups based on household income: youth from households with recognized income at or below 50% of the median income (near-poverty or below) and youth from households with income exceeding 50% but at or below 100% of the median income (above near-poverty). For Mapo-gu, household assets must be 350 million KRW or less.

Youth aged 15 to 39 from near-poverty or below households with earned or business income of at least 100,000 KRW per month who deposit 100,000 KRW monthly into their account will receive 300,000 KRW monthly from the government.

By saving 3.6 million KRW over 3 years, they will receive 10.8 million KRW as earned income tax credit, totaling 14.4 million KRW plus separate interest on the deposit at maturity.

Additionally, youth aged 19 to 34 from households above near-poverty with earned or business income exceeding 500,000 KRW but not exceeding 2.2 million KRW per month who save 100,000 KRW monthly will receive 100,000 KRW monthly from the government, totaling 7.2 million KRW plus interest over 3 years. However, they must deposit the monthly savings through work activities for 3 years and complete a total of 10 hours of self-reliance capacity education during the period.

Unlike last year, this year, asset investigations for the original household, such as parents, have been excluded for youth households with different housing or living arrangements, and the earned/business income criteria for youth from households above near-poverty have been relaxed from 2 million KRW to 2.2 million KRW per month.

Also, it is now possible to receive benefits concurrently with the Ministry of Employment and Labor’s existing ‘Youth Tomorrow Savings Deduction,’ expanding the scope and benefits compared to last year.

Applications are accepted until the 26th via the Bokjiro website or the local community service center, and for more details, inquiries can be made to the Mapo-gu Life Security Division or the Asset Formation Support Call Center.

Mayor Park Gang-su of Mapo-gu said, “Due to high inflation and Seoul’s expensive housing costs, it is difficult to save a large sum even when working hard. We hope that many of Mapo’s youth who work diligently in difficult circumstances will participate in the ‘Youth Tomorrow Savings Account’ program and that their growing account balances will bring increasing hope and possibilities for the future.”