Incheon City will recruit applicants for the 'Dream For Youth Account,' which helps young people save a lump sum, from the 15th to the 30th of this month.
The Dream For Youth Account allows young workers to save 150,000 KRW monthly for three years, totaling 5.4 million KRW, and Incheon City will add a support fund of 5.4 million KRW at maturity, returning 10.8 million KRW. Up to last year, 3,024 young workers have been supported.
Previously, only workers in manufacturing and knowledge service industries could apply, but this year, the industry restriction has been removed. Additionally, the number of selected applicants has increased from 834 last year to 1,000.
Applicants must be young workers aged 18 to 39 residing in Incheon, employed at a workplace in Incheon for more than one year, working at least 35 hours per week, enrolled in the four major social insurances, and have a household income at or below 150% of the median income (40.12 million KRW for a single-person household).
Youth who wish to join the account can apply through the Incheon Youth TokTok (Incheon Youth Portal) website.
The city plans to comprehensively review annual income, length of residence in Incheon, age, and other factors to select support recipients. Additional points will be awarded to vulnerable groups, national merit recipients, and youth eligible for veterans' benefits. The final list of support recipients will be announced on June 21.
An official from Incheon City said, "We expect the Dream For Youth Account to reduce the burden of future asset formation for young people and help them achieve economic independence," adding, "We hope for active participation from young people who work hard despite difficult circumstances."
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