Receive 100% Matching on Your Savings for a Set Period
'Dream Narae Account' Also Helps Parents Save for Children's Education
On May 25, Seoul City announced that it will accept applications for participation in the 'Hope Double Youth Account' from June 9 to 20, recruiting 10,000 new participants.
The 'Hope Double Youth Account' is a program in which working young people who save 150,000 won per month for either two or three years receive an additional 100% of their savings from the city budget and private funds.
For example, if a participant saves 150,000 won per month for three years, they will receive their own savings of 5.4 million won plus a matching 5.4 million won from Seoul City at maturity, for a total of 10.8 million won, along with separate interest.
From 2015 to the end of February this year, the cumulative number of contracted participants reached 45,049. Of these, 16,448 have completed the program and withdrawn at maturity, while 24,602 are currently saving.
Eligible applicants are young people aged 18 to 34 who live and work in Seoul, have a monthly income of 2.55 million won or less, and whose supporting family members have an annual income of less than 100 million won and assets of less than 900 million won. For discharged military personnel, applications are accepted up to age 36.
Seoul City is recruiting 10,000 new participants for the 'Hope Double Youth Account'. [Image source=Provided by Seoul City]
Applications can be submitted through the Seoul City Asset-Building Support Project website, with the application period running from June 9 to 20.
Until now, participants were allocated and selected by district, but starting with this round, applications will be accepted in a unified process. This change was made to prevent cases where young people in need were excluded due to differences in minimum and maximum competition rates among districts.
Additionally, the city is also recruiting participants for the 'Dream Narae Account,' which supports education funds for low-income households. In this program, if a participant saves a set amount for three or five years, 50% of the savings amount will be matched.
Eligible applicants are parents living in Seoul with children aged 14 or younger, and the recognized income of household members (based on the family relationship certificate) must be between 51% and 80% of the median income. For households with three or more children, the requirement is relaxed to between 51% and 90% of the median income. Even if there are multiple children, only one application per child is allowed.
The application period is also from June 9 to 20, and applications can be submitted through the Seoul City Asset-Building Support Project website or at local community centers.
For both the 'Hope Double Youth Account' and the 'Dream Narae Account,' final participants will be confirmed in November after document screening and income and asset verification.
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