Basic Livelihood Security Recipients and Near-Poor Groups Eligible for 300,000 Won Monthly Support
Applications Open from May 2
Job seekers participating in the '2025 Korea Job Fair' held at the aT Center in Seocho-gu, Seoul, are looking at the recruitment bulletin board. This is a stock photo unrelated to the specific content of the article. March 19, 2025. Photo by Kang Jinhyung
The Ministry of Health and Welfare announced on May 1 that it will be recruiting new subscribers for the 2025 Youth Tomorrow Savings Account from May 2 to May 21.
The Youth Tomorrow Savings Account is a flagship government program designed to help working young people from low-income backgrounds steadily build their savings and establish a stable asset base.
Eligible applicants are working youth whose household income is between 50% and 100% of the median income standard. Participants can choose to save between 100,000 and 500,000 won per month. The government provides an additional 100,000 won in monthly support. For example, if a participant saves 100,000 won per month for three years, they will receive a total of 7.2 million won, consisting of 3.6 million won in personal savings and 3.6 million won in government support, plus up to 5% annual interest.
In particular, young people who are recipients of the Basic Livelihood Security Program or are in the near-poor group, with household income at or below 50% of the median, can receive even greater benefits. These participants are eligible for 300,000 won in monthly government support. If they save 3.6 million won over three years, they will receive a total of 14.4 million won, including both their savings and interest.
This program began in 2022, and the cumulative number of subscribers has reached approximately 120,000. The government plans to recruit an additional 40,000 participants this year.
Beginning this year, online application features will be significantly enhanced for user convenience. During the subscription period, participants can easily process requests such as suspending deposits or early termination through the Bokjiro portal, eliminating the need to visit local administrative welfare centers in person. However, those who wish to apply in person at administrative welfare centers are encouraged to do so before May 16, due to anticipated congestion from preparations for early voting.
Eligibility Criteria and Support Details for Youth Tomorrow Savings Account. Ministry of Health and Welfare
Additionally, the eligibility criteria have been relaxed. Previously, only those with monthly earned or business income of 2.3 million won or less could apply, but starting this year, the threshold has been raised to 2.5 million won, allowing more young people to benefit.
Applications can be submitted through the Bokjiro portal operated by the Ministry of Health and Welfare, or at the administrative welfare center in the applicant's local city, county, or district. The results of eligibility screening, including income and asset verification, will be individually notified in August, and can also be checked on the Asset Formation Portal.
The Ministry of Health and Welfare also plans to provide financial education to participants whose accounts reach maturity and are closed.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
