Gwanak-gu Recruiting 120 Participants for 'Euddeum Gwanak Youth Account'

Gwanak-gu to Recruit 120 Participants for ‘Euddeum Gwanak Youth Savings Account’ That Doubles Savings

Save 100,000 or 150,000 KRW Monthly and Receive Matching Gwanak-gu Earned Income Tax Credit and Bank Interest

Targeting Working Youth Residents of Gwanak-gu with Monthly Income Below 2.55 Million KRW, Support Obligors’ Annual Income Under 100 Million KRW, and Assets Under 900 Million KRW

Gwanak-gu will recruit 120 new participants for the 2023 Euddeum Gwanak Youth Savings Account program, which returns double the amount saved, starting from June 12.

The Euddeum Gwanak Youth Savings Account was first launched by Gwanak-gu in 2020 to support asset formation and independence for working youth facing difficulties with tuition fees, housing costs, and more. Up to last year, a total of 260 participants have been selected.

If participants save 100,000 KRW or 150,000 KRW monthly for 2 or 3 years, the district will match the savings amount as an earned income tax credit, and partner banks will provide additional interest.

For example, saving 150,000 KRW monthly for 3 years results in a personal savings amount of 5.4 million KRW, matched by 5.4 million KRW from the district, totaling 10.8 million KRW plus additional interest from the partner bank.

Eligible applicants are youth aged 18 to 34 residing in Gwanak-gu who are currently employed or have at least 3 months of work experience within the past year as of the announcement date (May 22, 2023). Income criteria require the applicant’s pre-tax monthly earned income to be 2.55 million KRW or less, support obligors’ (parents or spouse) income to be under 100 million KRW annually (pre-tax monthly average of 8.34 million KRW), and assets under 900 million KRW.

Youth wishing to participate must apply simultaneously for the Hope Double Youth Savings Account operated by Seoul City. After income and asset verification and screening, participants for the Hope Double Youth Savings Account will be selected first based on highest scores, and among the remaining applicants, additional screening will select participants for the ‘Euddeum Gwanak Youth Savings Account.’

The application period is until June 23. Interested individuals can check the announcement on the Gwanak-gu Office website (News & Notices → Public Announcements), complete the application form, and submit it by visiting their local community service center, mailing it, or sending it online via the designated email address.

The district plans to announce the selected participants on the Gwanak-gu Office website on October 27 after screening.

A district official stated, “We hope that Gwanak-gu’s youth can prepare funds for their dreams such as housing, marriage, education, and entrepreneurship through the ‘Euddeum Gwanak Youth Savings Account’ and achieve independence.”