Applications Accepted at Community Service Centers from June 2 to 13
Yongsan District in Seoul will be recruiting the second round of new applicants for the 'Hope Savings Account I' program from June 2 to June 13 as part of its asset-building support project aimed at helping low-income residents achieve financial independence.
The 'Hope Savings Account I' targets households receiving basic living or medical benefits whose income is at or below 40% of the median income (956,805 won per month for a single-person household as of the current standard). At least one member of the household must be employed. In addition, the total earned or business income of the household must be at least 60% of 40% of the median income (at least 574,083 won per month for a single-person household) to be eligible to apply.
Participants who save at least 100,000 won per month can receive an additional 300,000 won in earned income incentives from the government each month. Personal savings contributions must be at least 100,000 won per month and can be up to a maximum of 500,000 won per month. If participants maintain employment and continue saving every month for three years, and are no longer recipients of basic living or medical benefits at the end of the period, they can receive up to 14.4 million won including government support funds, as well as interest.
Applications must be submitted in person at the community service center responsible for the applicant’s residential address, along with required documents such as a savings agreement, consent to provide personal information, and a self-assessment form.
Park Heeyoung, Mayor of Yongsan District, stated, “The Hope Savings Account I is a very meaningful program that provides low-income households, who have difficulty building assets, with an opportunity for economic self-reliance. We ask for the active interest and participation of our residents so that they can dream of a better future through saving.”
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