Incheon City is implementing various support measures to boost the work motivation of local youth and help them save a lump sum of money.
On the 11th, the city announced that it will provide welfare points worth 1.2 million KRW annually to encourage long-term employment among young people. Eligible applicants are Incheon residents aged 18 to 39 who have worked for more than three months (at least 35 hours per week) at small and medium-sized or manufacturing companies in the region, with an average monthly salary of 3.3 million KRW or less over the past three months as of the application date.
From the 15th to the 31st, 2,000 people will be selected on a first-come, first-served basis, and a total of 1.2 million KRW will be paid quarterly at 300,000 KRW per quarter for one year. The first installment of points will be received as Incheon e-eum consumption coupons, a form of local currency, which can be used at offline stores, while the 2nd to 4th installments can be used on an online welfare mall site for daily necessities, dining, cultural activities, health management, and self-development.
To facilitate applicants, the city has simplified the required documents and increased the number of recruits by 500 from last year's 1,500. Applications can be submitted through the 'Incheon Youth TokTok (Incheon Youth Portal)' website.
Incheon City launched the 'Welfare Points for Employed Youth' program in 2018, the first of its kind nationwide, to address dissatisfaction with welfare benefits?a major reason for early resignation among youth?and to encourage long-term employment. So far, over 7,000 young people have benefited from the welfare points, with an annual satisfaction rate exceeding 90%.
Incheon City is also promoting the 'Dream For Youth Account' support program to help young people save a lump sum. Under this program, young workers who save 150,000 KRW monthly for three years (totaling 5.4 million KRW) will receive an additional 5.4 million KRW from the city upon maturity, totaling 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. The number of selected applicants has also increased from 834 last year to 1,000. Eligible applicants must be Incheon residents aged 18 to 39, employed in Incheon for at least one year, working 35 hours or more per week, enrolled in the four major social insurances, and have an income at or below 150% of the median income (40.12 million KRW for a single-person household). Applications will be accepted from the 15th to the 30th.
The city plans to select beneficiaries through a comprehensive review of annual income, residency period in Incheon, age, and other factors. Additional points will be awarded to vulnerable groups, national merit recipients, and youth eligible for veterans' benefits. The final list of beneficiaries will be announced on June 21.
An Incheon city official said, "We expect the Dream For Youth Account to reduce the burden of asset formation for young people and help them achieve economic independence. We encourage many young people who work hard despite difficult circumstances to participate."
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