Business Agreement Signed with NH Nonghyup Bank
Additional 90,000 Won Provided for Monthly Savings of 300,000 Won
Hwaseong City in Gyeonggi Province is launching the 'Yeonjigonji Tongjang' project in partnership with a financial institution to support marriage funds for young adults.
At the 'Yeonjigonji Tongjang Project Business Agreement Ceremony' held on the 24th at Hwaseong City Hall Central Conference Room, Hwaseong Mayor Jung Myunggeun (left) and Kim Changkyum, head of NH Nonghyup Bank Hwaseong Branch, are holding up the agreement document. Provided by Hwaseong City
On the 24th, Hwaseong City signed a business agreement with NH Nonghyup Bank for the 'Yeonjigonji Tongjang', a matching savings account project to encourage marriage. The signing ceremony was attended by Hwaseong Mayor Jung Myunggeun, Kim Changkyum, head of NH Nonghyup Bank Hwaseong Branch, and citizens selected for the project.
The 'Yeonjigonji Tongjang' is a policy that was created based on a citizen proposal selected as an outstanding entry in last year's policy contest for overcoming low birth rates. It is a regionally tailored policy designed to reflect the characteristics of Hwaseong, which has an active influx of young people and a high marriage rate.
The account is open to unmarried young adults aged 19 to 39 who reside in Hwaseong. If the account holder saves a certain amount each month, the city will provide an additional matching contribution at a ratio of 1 to 0.3.
For example, if the account holder saves the maximum monthly amount of 300,000 won, the city will add 90,000 won. Over a two-year period, if the account holder deposits the maximum total of 7.2 million won, the city will provide an additional 2.16 million won, allowing the participant to accumulate a total of 9.36 million won.
In the recruitment for account holders conducted last month, 1,700 people applied, far exceeding this year’s target of 700 participants.
Under the agreement, NH Nonghyup Bank will be responsible for the overall financial operations of the project, including account opening and management, operation of participants' savings accounts, and payment of Hwaseong City's matching contributions.
Mayor Jung stated, "With this agreement, we have established a financial foundation to provide practical support for marriage and childbirth among young people," adding, "We will continue to develop various policies to foster a positive social atmosphere regarding marriage and family."
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