Youth with Less Than 50% of Median Income to Receive 14.4 Million Won After Saving 100,000 Won Monthly for 3 Years... Gyeongbuk Province Recruiting New Applicants

7.2 Million Won for Youth Above 50% Median Income
Monthly Support of 100,000 to 300,000 Won Provided

Daegu City will be accepting new applications for the "Youth Tomorrow Savings Account" from May 2 to May 21, allowing low-income working youth to accumulate a lump sum of savings for their future.

If a working youth with a household income between 50% and 100% of the median income saves 100,000 won per month for three years, the government and Daegu City will each provide a monthly earned income incentive of 100,000 won. Upon maturity, the participant will receive a total of 7.2 million won (including 3.6 million won of their own contributions) plus interest.

Gyeongbuk Provincial Government Building

Basic livelihood security recipients and youth in the next-lowest income bracket with a household income at or below 50% of the median income who save 100,000 won per month will receive 300,000 won per month in support from the government and Daegu City. After three years, they will receive a total of 14.4 million won (including 3.6 million won of their own contributions) plus interest.

To receive the full amount of the earned income incentive (support funds), participants must continue working and save at least 100,000 won per month for three years after enrollment.

Additionally, participants must complete 10 hours of online education on the Asset Formation Portal and submit a plan for the use of funds six months before maturity.

The Youth Tomorrow Savings Account, which began in 2022 and marks its fourth year in 2025, has gradually expanded its eligibility by easing enrollment criteria and procedures each year.

This year, the upper limit for monthly earned or business income for eligible youth has been increased from 2.3 million won to 2.5 million won, allowing more young people to benefit from the program.

Youth wishing to enroll can apply in person at the administrative welfare center of their local district or county office during the application period, or they can apply online via the Welfare Portal operated by the Ministry of Health and Welfare.

Eligibility results will be announced individually via text message in August after an income assessment. Youth who are notified of their selection can open an account and deposit 100,000 won per month.

Kim Taeun, Director of Health and Welfare at Daegu City, stated, "Through this new recruitment for the Youth Tomorrow Savings Account, we will actively support low-income working youth so they can build assets in a stable manner," and added, "We strongly encourage many young people in the region to apply."