Paju-si Supports Asset Building for Low-Income Workers

Step-by-Step Recruitment for Hope Savings Account and Youth Tomorrow Savings Account

Paju City, Gyeonggi Province (Mayor Kim Kyung-il) announced on the 5th that it will promote the 2025 Asset Formation Support Project with a budget of 2.38 billion KRW starting in March to support asset formation and self-reliance for low-income workers.

2025 Asset Formation Support Project Notice. Provided by Paju City

This project helps low-income earners with earned income to form assets and achieve self-sufficiency by adding government subsidies ranging from 100,000 KRW to 300,000 KRW monthly when they save at least 100,000 KRW per month for three years.

The program is divided into Hope Savings Account I, II, and Youth Tomorrow Savings Account depending on the eligibility, and new recruitment for this year will be conducted sequentially until November.

First, Hope Savings Account I targets households receiving livelihood or medical benefits with earned income. If the subscriber saves at least 100,000 KRW monthly for three years, the government supports 300,000 KRW monthly, with the condition that the household must exit livelihood or medical benefits within three years.

Hope Savings Account II targets households receiving housing or education benefits and near-poverty households with earned income. When saving at least 100,000 KRW monthly for three years, the government supports 100,000 KRW (1st year), 200,000 KRW (2nd year), and 300,000 KRW (3rd year) monthly. Participants must complete self-reliance capacity education and submit a fund usage plan.

The Youth Tomorrow Savings Account supports households with income below 50% of the median income (ages 15 to 39) with 300,000 KRW monthly, and households with income between 50% and 100% of the median income (ages 19 to 34) with 100,000 KRW monthly, provided the participant saves at least 100,000 KRW monthly for three years and completes self-reliance capacity education.

This year’s new recruitment will be conducted in four rounds for Hope Savings Account I, three rounds for Hope Savings Account II, and one round for the Youth Tomorrow Savings Account.

At the end of the three-year term, participants can accumulate a lump sum of 7.2 million to 14.4 million KRW (interest excluded). Applications can be made by visiting the local administrative welfare center or online via Bokjiro.

Kwon Ye-ja, Director of Welfare Support Division, said, “We are implementing the Asset Formation Support Project for the future of hardworking low-income earners and young adults starting their social lives,” adding, “In addition to subsidies, we will continue to focus on practical economic education in daily life, such as reasonable saving, consumption, and asset management.”