Cheongsong-gun, Gyeongbuk Province, is recruiting new subscribers for the ‘Youth Tomorrow Savings Account’ from May 1 to 21 to support asset formation and promote independence so that young people can settle in society.
The ‘Youth Tomorrow Savings Account’ is a program that helps working youth save a lump sum by providing an additional earned income tax credit from the government of 100,000 KRW per month (300,000 KRW for basic livelihood security recipients and near-poverty groups) when they save at least 100,000 KRW per month (up to 500,000 KRW) for three years.
Eligible applicants are any youth in the jurisdiction who meet the age, household income, and earned income criteria. Applicants must be working youth aged 19 to 34 at the time of application (15 to 39 for recipients and near-poverty groups) with earned or business income exceeding 500,000 KRW and up to 2,300,000 KRW per month (at least 100,000 KRW per month for recipients and near-poverty groups), and the recognized household income must be at or below 100% of the median income standard.
Youth who wish to apply can do so online through Bokjiro or by visiting the town or township office, bringing identification and documents that can verify income.
The final beneficiaries will be determined in August after household income and property investigations.
For more details, contact the Asset Formation Support Call Center, the Health and Welfare Counseling Center, or the town or township office of the registered address.
County Governor Yoon Kyung-hee stated, “We hope that support through the Youth Tomorrow Savings Account will help low-income working youth build assets and boost their motivation to work.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
