On the 5th, Sunchang-gun, Jeonbuk Province announced that it will significantly expand the 'Youth Worker Seed Money Account' support project, which is a universal welfare policy and one of the key pledges of Mayor Choi Young-il in the 8th local government.
The county plans to increase the support amount for the Seed Money Account from the existing 200,000 KRW per month to 300,000 KRW. It is expected that young people residing in Sunchang-gun who subscribe to this account will receive up to 10.8 million KRW or more after a 2-year maturity period, drawing explosive responses and great enthusiasm from the youth.
Sunchang-gun will significantly expand the Youth Worker Seed Bank Support Project. [Photo by Sunchang-gun]
On the 5th, the county finalized the selection of 594 beneficiaries for the support project and announced that the project will be fully implemented starting this August. The eligible age range is youth workers aged 18 to 49.
The 'Youth Worker Seed Money Account' support project is a tailored universal welfare policy aimed at helping young workers build assets and improve their work ethic while establishing a stable living foundation. When workers save a fixed amount monthly, the county doubles that amount, enabling them to accumulate a substantial seed fund after two years. This is a core support project of Sunchang-gun.
Since its launch last year, the Seed Money Account support project has expanded the eligible age and support amount starting this year. In May, when applications opened, a remarkable 1,282 people applied, showing explosive popularity.
This is an increase of about 912 applicants compared to 370 last year, indicating strong interest and expectations from the youth.
Among the 594 selected this time, 400 are new participants joining the project this year, and the remaining 194 are youth who have been participating since last year and will receive additional support.
Regarding the support details, the 400 newly selected youth workers will receive 300,000 KRW monthly from the county for two years if they save 150,000 KRW monthly. Through this, they will receive a total of 10.8 million KRW at maturity plus interest provided by Jeonbuk Bank.
Existing participants, numbering 194, will receive additional benefits. In addition to the existing 100,000 KRW monthly savings and 200,000 KRW support, if they save an additional 50,000 KRW monthly, the county will provide an extra 100,000 KRW, allowing them to enjoy benefits equivalent to those of the new participants this year.
Analyzing the total 735 participants, including 335 selected last year and 400 newly selected this year, by age group reveals: ▲18-19 years old: 3 ▲20-29 years old: 118 ▲30-39 years old: 281 ▲40-49 years old: 333.
The final selected beneficiaries will open accounts for savings and start saving from next month. They must maintain their residence and employment activities for two years to receive the seed money through county support after two years.
The county plans to hold an explanatory meeting on the 18th to provide information on the project's progress and precautions.
Mayor Choi Young-il said, "I hope the Seed Money Account support project will be a great help to the many youth workers who have shown interest and participated," adding, "Through this project, we expect that young people will engage in various economic activities locally and establish themselves stably, which will help minimize the issue of regional extinction caused by outflow to other areas."
Sunchang = Jeong Young-kwon, Honam Reporting Headquarters, Asia Economy baekok@asiae.co.kr
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