If You Deposit 100,000 Won Monthly, the Government Adds Up to 300,000 Won More with the 'Cheongnyeon Account'

Ministry of Health and Welfare to Recruit 44,000 New Participants for Youth Tomorrow Savings Account

A savings product will be launched where if a young person saves 100,000 won, the government will add up to 300,000 won.

The Ministry of Health and Welfare announced that from the 1st to the 21st, it will recruit 44,000 new subscribers (tentative) for this year’s Youth Tomorrow Savings Account targeting low-income youth. The final selection results will be announced in August.

The Youth Tomorrow Savings Account is available to young people aged 19 to 34 who are employed as of the application date. Eligible youth must have earned income exceeding 500,000 won and up to 2,300,000 won per month. Household income must be at or below 100% of the median income (2,230,000 won per month for a single-person household).

If you open this account and save 100,000 won monthly, the government will add 100,000 won monthly. After a 3-year maturity period, you will receive a total principal of 7,200,000 won plus interest.

For youth who are recipients of basic living benefits or belong to the near-poverty class (household income at or below 50% of the median income), if they save 100,000 won monthly, the government will provide 300,000 won monthly. In this case, after 3 years, a total of 14,400,000 won (including 3,600,000 won of personal contributions) plus interest will be paid.

Photo by Ministry of Health and Welfare

To receive government support, you must save at least 100,000 won monthly, maintain employment for 3 years, complete 10 hours of online education, and submit a fund usage plan, among other requirements.

Applications can be made at the nearest eup, myeon, or dong community service centers during the application period. Applications can also be submitted through the welfare portal site ‘Bokjiro’ operated by the Ministry of Health and Welfare. After income and asset investigations of the youth applicant and household members, the final selection results will be notified individually via text message in August.