Seoul City Recruiting Participants for 'Youth Personal Rehabilitation Support'

Seoul City announced on the 9th that it will recruit participants for the ‘Seoul Youth Self-Reliance Foundation Support Project’ from the 10th to the 29th.

The ‘Seoul Youth Self-Reliance Foundation Support Project,’ implemented for the first time this year, is a program designed to prevent re-bankruptcy among financially vulnerable youth and support their economic recovery, in response to the increase in personal rehabilitation applications due to rising household debt and deteriorating financial soundness among young people after COVID-19.

Selected beneficiaries will receive two financial education sessions to strengthen financial capabilities and three 1:1 customized financial counseling sessions from the end of September to the end of December. Those who complete both the education and counseling will be granted a total of 1 million KRW in self-reliance foundation support funds, paid in two installments.

The total number of recruits this year is 150, and the eligibility criteria are ▲ currently undergoing personal rehabilitation with repayment expected to be completed within 3 months or having received a discharge decision within 6 months, ▲ residing in Seoul, ▲ working youth aged 19 to 39, and ▲ having a household income at or below 140% of the median income.

The application period is from the 10th to 6 p.m. on the 29th, and applications are accepted through the Seoul Welfare Portal application service menu. The results of the selection will also be announced on the Seoul Welfare Portal website around the 20th of the following month after the review is completed.

Lee Su-yeon, Director of Seoul City Welfare Policy Office, said, “The Seoul Youth Self-Reliance Foundation Support Project is a program that practically supports the recovery of young people who have diligently completed the personal rehabilitation repayment process,” adding, “We will expand support to provide customized financial welfare services so that Seoul’s youth do not suffer from debt problems and can plan a healthy future.”