Youth Savings Account, 100% Additional Deposit
Kkumnarae Account, 50~100% Additional Deposit
The Seoul Metropolitan Government is recruiting new participants for the 'Hope Double Youth Account,' which helps young people build funds, and the 'Kkumnarae Account,' which assists in saving for children's education expenses.
On the 20th, the city announced that it will recruit 10,000 new participants for the Youth Account and 300 participants for the Kkumnarae Account from the 10th to the 21st of next month.
The Hope Double Youth Account is an asset-building support project based on the 'Seoul Hope Plus Account' for low-income households, which was first implemented nationwide by the Seoul city government in 200_ during Mayor Oh Se-hoon's term. Working youth who save 150,000 KRW monthly for 2 or 3 years will receive an additional 100% of their savings from the city budget and private funds.
Eligible participants are working youth aged 18 to 34 residing in Seoul, with a personal income of 2.55 million KRW or less per month, a supporter’s annual income below 100 million KRW, and assets under 900 million KRW.
From this year, online applications are available, and the required documents have been simplified from 9 to 5 types. Also, the savings account, which was previously opened only under the name of the Seoul Welfare Foundation, can now be opened under the participant's own name due to related system improvements.
Additionally, measures have been taken to prevent mid-term termination due to childbirth. If participants fail to meet the condition of maintaining at least 50% of the working period to receive matching support and terminate the account early due to childbirth, the city will recognize a 'one-year working period' for childbirth cases.
The 'Kkumnarae Account,' which helps low-income households save education funds for children aged 14 or younger, allows participants to save a fixed amount for 3 or 5 years, with Seoul matching 50% to 100% of the savings. Basic livelihood security recipients receive a 1:1 matching rate, while non-recipients receive a 1:0.5 matching rate.
The Kkumnarae Account is open to parents aged 18 or older with children aged 14 or younger residing in Seoul. The recognized income of household members must be 80% or less of the median income standard, and for households with three or more children, 90% or less. Even if there are multiple children, only one child can be applied for. Applicants can submit the required documents and application forms by mail to the local community service center or apply in person.
Final participants for the Hope Double Youth Account and Kkumnarae Account will be announced on October 15 after document screening, income and asset investigation, and credit checks.
Jung Sang-hoon, Director of the Seoul Welfare Policy Office, said, "We will continue to support young people living in this era through various projects so that they do not lose hope and can envision a greater future."
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