Relaxation of Eligibility Requirements for Youth Leap Accounts... Significant Expansion of National and Work-Study Scholarships

President Yoon Hosts Livelihood Forum
Government Announces 'Youth Policy Implementation Plan'
Comprehensive Support for Housing, Employment, Assets, and Childbirth

President Yoon Suk-yeol is speaking at the seventeenth Public Livelihood Discussion with the People held on the 5th at IBEX Studio in Gwangmyeong-si, Gyeonggi Province, under the theme "With the Power of Youth! A Leaping Republic of Korea." [Image source=Yonhap News]

On the 5th, the government announced the 'Youth Policy Promotion Plan' at a public discussion on livelihood chaired by President Yoon Seok-yeol, which significantly expands support for youth in housing, employment, and asset formation. The eligibility criteria for subscribing to the Youth Leap Account will be relaxed to 250% of the median income, and national and work scholarships for low-income university students will also be greatly increased.

The public discussion on livelihood, held at the I-BEX Studio in Gwangmyeong, Gyeonggi Province, was conducted under the theme "Korea Leaping Forward with the Power of Youth," with about 460 participants including young people. Measures were prepared focusing on key tasks necessary for youth, such as expanding the foundation of youth policies, asset formation, and employment support.

The government explained the background for the initiative, stating, "Young people continue to face difficulties due to employment challenges and economic disparities between generations. The awareness and satisfaction with youth policies remain insufficient, and young people are demanding more practical opportunities for policy participation and expanded authority."

Relaxation of Income Requirements for Youth Leap Account Subscription

First, the government decided to help young people build assets so they can have hope and plan for the future.

Currently, to subscribe to the Youth Leap Account, individuals must have an income of 75 million KRW or less, and household income must be below 180% of the median income. Among these, the household income requirement will be relaxed from the current 180% or less to 250% or less of the median income.

Additionally, the conditions for early termination of the Youth Leap Account will be improved so that even if the account is terminated early after more than three years of subscription, tax exemption will apply and some government support funds will be provided.

Military personnel will also be allowed to subscribe to the Youth Housing Dream Subscription Savings Account, and upon maturity of the Military Tomorrow Preparation Savings, they will be able to make a lump-sum deposit into the Youth Housing Dream Subscription Savings Account.

To enable young people to manage their assets systematically, financial support necessary for daily life will be provided in a one-stop service from financial education to financial counseling and management. One-stop financial counseling desks for youth will be established at five locations including the Integrated Financial Support Center for the Underprivileged, and an online communication channel will also be built.

President Yoon Suk-yeol is speaking at the seventeenth Public Discussion on Livelihoods with the People, held under the theme "With the Power of Youth! A Leaping Republic of Korea!" on the 5th at IBEX Studio in Gwangmyeong-si, Gyeonggi Province.
[Image source=Yonhap News]

Expansion of Youth Special Supply... Burden Reduced with Low-Interest Loans

To support youth housing, 61,000 public sale units and 51,000 public rental units will be supplied this year.

Public sale units will be priced lower than market prices, and the burden of home ownership will be reduced through a 40-year exclusive mortgage with a low interest rate (up to 80% of the sale price). Public rental units will be supplied mainly in the metropolitan area and locations with convenient transportation.

If a household is without a home within two years of childbirth, housing fund loans will be supported through the Newborn Special Loan at interest rates ranging from 1.6% to 3.3%. Additional preferential interest rates of 0.3 percentage points will be applied for each additional newborn.

In cases where companies provide childbirth incentives, such as the recent groundbreaking 10 million KRW childbirth incentive introduced by Booyoung Group, tax support measures will be prepared so that there is no additional tax burden on companies and employees.

When a single parent raising a child does not receive child support from the non-custodial parent, the government will advance the child support payments and recover the amount from the non-custodial parent. In particular, the government plans to improve the system so that high-income dual-income couples can also benefit by not applying or relaxing unfavorable household income criteria.

Expansion of Youth Living Expense Support... Including Depression Treatment Costs

The government will also reduce various living expenses burdens for youth, such as tuition, transportation, and cultural expenses.

Tuition fees, which are a heavy burden, will be fully supported for basic and near-poverty households, and the support amounts by income bracket will be expanded. The work scholarship, which allows low-income university students to receive scholarships while working and studying, will increase from 120,000 recipients last year to 140,000 this year, and the support unit price will also be raised.

A 'K-Pass' will be introduced to refund up to 30% of expenses for young people using public transportation such as subways and buses. For 160,000 young people taking their first step into society (age 19), a Youth Culture and Arts Pass worth up to 150,000 KRW will be provided for use in the fine arts field.

To help young people overcome depression or burnout, the government is reviewing a plan to support the first medical consultation fee if medical treatment is needed following a youth mental health checkup. A mobile mental health self-assessment service will be provided for easy access to treatment anytime, and the use of health vouchers for physical health will be expanded, focusing on vulnerable youth.

President Yoon Suk-yeol salutes the national flag at the seventeenth Public Discussion on Livelihoods with the People held under the theme "With the Power of Youth! A Leaping Republic of Korea!" on the 5th at IBEX Studio in Gwangmyeong-si, Gyeonggi Province.
[Image source=Yonhap News]