Matching Savings Amounts to Help Children from Basic Livelihood Security and Near-Poverty Households
Build Seed Money for Independence
The Seoul Metropolitan Government will significantly expand the eligibility for the 'Didim Seed Account' starting from the new year, enabling low-income children to secure a lump sum of money necessary for independence, such as tuition fees, employment, and housing costs.
According to Seoul City on the 6th, this year, children from basic livelihood security households and near-poverty groups (near-poverty, single-parent) will also be eligible for new enrollment in the 'Didim Seed Account.' Until last year, only children under protection living in child care facilities or foster families were eligible for new enrollment. To support this, Seoul City has increased the related budget by 23.9 billion KRW compared to the previous year, and approximately 41,000 additional people are expected to enroll in the 'Didim Seed Account' this year.
In particular, until last year, due to the prohibition of dual enrollment with the similar 'Kkumnarae Account,' only children under protection could apply for new enrollment. However, starting this year, the 'Child Welfare Act Enforcement Rules' have been amended to expand the support target for the Didim Seed Account, allowing more active support not only for children under protection but also for various vulnerable children. However, existing Kkumnarae Account holders can enroll only after cancellation.
The 'Didim Seed Account' is a program that helps vulnerable children prepare seed money for independence and is also called the 'Child Development Support Account.' When the child or a sponsor deposits a certain amount into the child's account, the local government (including national funds) matches it at a 1 to 2 ratio, adding subsidies (up to 100,000 KRW per month). For example, if 50,000 KRW is saved monthly up to 10 million KRW, the matching funds add 20 million KRW, making a total of 30 million KRW.
The saved money can be used for independence purposes such as tuition, employment training costs, and housing after the age of 18, and after the age of 24, it can be used regardless of purpose. Kim Seon-soon, Director of the Seoul Metropolitan Government's Women and Family Office, said, "We expect the Didim Seed Account to serve as a stepping stone that alleviates difficulties when vulnerable children become adults and enter society," adding, "Seoul City will continue to spare no support for vulnerable children in the new year."
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