Payment Suspension for 3 Months and One-Time Early Withdrawal Allowed
Gyeongsangnam-do will begin recruiting subscribers for the ‘2023 Modadream Youth Account’ starting from the 1st.
On the 1st, Gyeongnam Province announced that it is promoting the Modadream Youth Account project to support asset formation for young people working in small and medium-sized enterprises (SMEs) and to reduce the wage gap between large corporations and SMEs.
According to the province, the Modadream Youth Account project is a pledge of Governor Park Wan-su, and the subscription conditions have been relaxed so that anyone meeting the basic requirements such as income and age can apply.
The savings period is two years, and the program operates by having the youth pay 200,000 KRW monthly, with Gyeongnam Province and local governments adding another 200,000 KRW.
Youth workers who remain employed for two years can receive a maturity amount of 9.6 million KRW plus interest.
To prevent mid-term withdrawal, the province allows payment suspension for up to three months regardless of the reason and permits one-time early withdrawal.
In cases where the company is responsible, such as business suspension or closure, bankruptcy, dissolution, or recommended resignation, the accumulated early withdrawal amount up to the occurrence date will be fully supported to the youth.
If the youth is responsible for early termination due to reasons such as starting a business, changing jobs, or resignation, the early withdrawal amount will be reclaimed by each contributing party.
The Modadream Youth Account is available to workers aged 18 to 39 residing in the province, employed at SMEs, with a monthly average income of 2.7 million KRW or less, and a household income at or below 130% of the median income.
The income standards are 4.49 million KRW for two-person households, 5.77 million KRW for three-person households, 7.02 million KRW for four-person households, and 8.23 million KRW for five-person households.
Applicants are finally selected based on factors such as personal income, duration of residence in Gyeongnam, employment period, and age.
A total of 500 people will be recruited, allocated according to the youth population and demand in each city and county within the province.
By city and county, the allocation is as follows: Changwon 82, Jinju 66, Tongyeong 27, Sacheon 27, Gimhae 66, Miryang 27, Geoje 41, Yangsan 41, Uiryeong 6, and 13 for each of Haman, Changnyeong, Goseong, Namhae, Hadong, Sancheong, Hamyang, Geochang, and Hapcheon.
The province plans to select 500 people annually to maintain a scale of 1,000 participants per year.
Although duplicate enrollment is not allowed with similar programs promoted by the government or local governments, subscribers to the Youth Leap Account and Youth Hope Savings can enroll simultaneously.
Youth who wish to apply can do so on the Modadream Youth Account website from the 1st to the 17th, and selected candidates will be finalized through screening in October.
Kim Sang-won, Director of the Economic Workforce Division, said, “The newly launched Modadream Youth Account will help young people build assets and reduce wage disparities. Gyeongnam Province will encourage youth to settle locally and expand support measures to improve stable working conditions.”
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