Suncheon 'Youth Hope Stepping Stone Savings Account Project' Seeks Applicants

For Young Workers and Entrepreneurs with Median Income Below 120%

7.2 Million KRW and Interest Paid at 3-Year Maturity

Suncheon City, Jeollanam-do (Mayor Nogwan-gyu) announced that it will recruit new participants for the 2024 'Youth Hope Stepping Stone Savings Account Project' for two weeks from April 22 to May 3.

The Youth Hope Stepping Stone Savings Account Project is a program where if a young person saves 100,000 KRW per month, the city matches the same amount for 36 months, providing a total of 7.2 million KRW plus interest. Upon maturity, youths receive double their own savings plus interest, which can be used for job seeking, start-up funds, or marriage expenses.

[Image provided by Suncheon-si]

Applicants must be youths aged 18 to 45 residing in Suncheon City as of the announcement date, with household income recognized at 120% or less of the median income (approximately 2.67 million KRW/month for a single person). Additionally, applicants must be workers with at least 3 months (90 days) of labor experience within the last 6 months as of the announcement date, or business owners who opened their business more than 6 months ago and have operated it for at least 3 months.

However, recipients of national or local government asset-building support programs (such as Hope Savings Account, Tomorrow Filling Account/Mutual Aid, etc.), public officials (including public employees) and employees of public institutions, and military personnel (career soldiers, alternative service personnel) are excluded.

This year, 265 participants will be recruited, and if there are many applicants, selection will be made in order of lower household income recognized ratio compared to the median income among those who fully meet the qualifications.

Youths wishing to apply can visit their local eup/myeon/dong administrative welfare center or apply by registered mail. The selection results will be posted on the Suncheon City website in July after qualification review, and selected youths will receive support for 36 months starting from July this year.