Yeongyang-gun, Gyeongbuk Province, will expand the eligibility and age range for enrollment in the ‘Didim Seed Savings Account (Child Development Support Account)’ starting in January.
The Didim Seed Savings Account is a program that supports asset building to help low-income children establish a foundation for independence when they become adults. When a child (or their guardian) saves a certain amount monthly, the government provides matching funds equal to twice the saved amount.
For example, if 30,000 KRW is saved, 60,000 KRW is provided as support. The government subsidy is capped at 100,000 KRW and is available only until the child turns 18.
After turning 18, the funds can be used for purposes related to independence such as tuition fees, housing costs, technical certifications, and employment training. After the age of 24, the funds can be used regardless of purpose.
Starting this year, the enrollment age for children receiving basic living benefits has been expanded from the previous 12?17 years to 0?17 years. The income criteria, which were previously limited to livelihood and medical benefits, have been broadened to include children from households receiving housing and education benefits. Additionally, children in foster care or institutional care are now eligible to enroll.
Yeongyang-gun has increased the related budget from 35 million KRW last year to 145 million KRW this year due to the expanded eligibility for the Didim Seed Savings Account, and about 90 additional children are expected to benefit. Applications for enrollment can be made at the town or township offices in the child’s place of residence after consultation regarding usage methods.
County Governor Oh Do-chang conveyed a message saying, “We support the bright future of our children, who will grow up as healthy and happy individuals in a fairer environment and opportunity, freely demonstrating their capabilities in their respective positions.”
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