Gwanak-gu Recruiting New Subscribers for Youth Tomorrow Savings Account to Support Asset Formation of Youth Working Until the 1st
Save 100,000 KRW Monthly, Government Adds 100,000 KRW... Up to 14.4 Million KRW Savings After 3 Years
Gwanak-gu (District Mayor Park Jun-hee) is recruiting new subscribers for the "2024 Youth Tomorrow Savings Account" until the 21st to help young people engaged in work activities build assets.
The "Youth Tomorrow Savings Account" is a system that supports young people in securing a lump sum of money necessary for stable social settlement by providing government subsidies of 100,000 KRW per month (300,000 KRW per month for the below second-lowest income bracket type) depending on the individual's savings amount and support type.
The eligibility criteria are divided into two types, "below second-lowest income bracket" and "above second-lowest income bracket," based on three standards: household income, income criteria, and age.
The "below second-lowest income bracket" type is available to young people who meet the following conditions: household income at or below 50% of the median income, earned income or business income of at least 100,000 KRW per month, and aged between 15 and 39 years old. The government subsidy is 300,000 KRW per month.
The "above second-lowest income bracket" type is available to young people who meet the following conditions: household income above 50% and up to 100% of the median income, earned income or business income exceeding 500,000 KRW and up to 2,300,000 KRW per month, and aged between 19 and 34 years old. The government subsidy is 100,000 KRW per month. However, once selected as a subscriber, they must maintain work or business income activities for three years and save at least 100,000 KRW (up to 500,000 KRW) monthly in the account for three years.
Additionally, to receive government subsidies, subscribers must complete a total of 10 hours of education during the subscription period and submit a fund usage plan.
The application period is until the 21st, and young people wishing to subscribe can visit their local community service center with the required documents such as an ID card, family relation certificate, income verification documents, and lease contract, or apply online through the "Bokjiro" website.
District Mayor Park Jun-hee said, "In a time of economic hardship due to high inflation, I hope that young people who work diligently through the Youth Tomorrow Savings Account program will succeed in accumulating a lump sum, maintain a stable life, and achieve their dreams."
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