Gyeonggi Province is easing the eligibility requirements for the Youth Self-Reliance Double Savings Account program, which supports the economic independence of "out-of-home youth."
Gyeonggi Province announced on the 1st that it has relaxed the previous residency requirement of maintaining a registered address for over one year to simply residing in Gyeonggi Province. Additionally, the application institutions have been expanded to include youth residing in judicial group homes, known as Youth Recovery Support Facilities, which provide guardianship in place of parents. The application period runs from the 1st to the 31st of this month, and applications can be submitted through youth welfare facilities where the youth currently reside or from which they have most recently been discharged.
The Self-Reliance Double Savings Account program supports youth who have used youth welfare facilities by matching twice the amount they save monthly?between 10,000 KRW and 100,000 KRW?with Gyeonggi Province contributing up to 200,000 KRW, helping out-of-home youth accumulate funds for independence.
If a youth saves 100,000 KRW monthly for up to six years, their total savings will amount to 7.2 million KRW, with Gyeonggi Province’s matching contribution totaling 14.4 million KRW, resulting in a lump sum of 21.6 million KRW.
Go Young-mi, Director of the Youth Division at Gyeonggi Province, stated, "We hope that through the Self-Reliance Double Savings Account program, more out-of-home youth will be able to take a step closer to their dreams."
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