For Recipients of Housing and Education Benefits and Near-Poor Households
Yongsan-gu, Seoul will be recruiting the second round of new applicants for the 'Hope Savings Account II' program, which supports the self-sufficiency of low-income households, from July 1 to July 22.
The Hope Savings Account II is an asset formation support project designed to help working recipients of housing and education benefits, as well as near-poor households, build up a lump sum of money necessary for self-sufficiency. The program encourages recipients to engage in work activities, thereby promoting practical independence and self-reliance.
Participants are required to maintain employment for three years. During this period, if they save between 100,000 and 500,000 won each month, they will receive additional earned income incentives. For new enrollees this year, the incentive is provided in stages: 100,000 won in the first year, 200,000 won in the second year, and 300,000 won in the third year.
If a participant saves 100,000 won per month for three years, they can accumulate a total of 10.8 million won, combining their own savings of 3.6 million won with an additional 7.2 million won in earned income incentives, plus interest. In addition to maintaining the three-year participation requirement, participants must also complete 10 hours of self-reliance capacity training and submit a plan for the use of funds.
To enroll in the Hope Savings Account II, applicants must visit their local community service center within the application period, fill out an application form, and submit related documents such as a savings agreement and a self-diagnosis form.
Once the application is completed, income and asset assessments will be conducted between July and August, and eligible participants will be selected in September. The period for opening the account and depositing the participant’s own funds is from September 1 to September 22. This year, recruitment for the Hope Savings Account II will take place three times in total, with the final third round scheduled from October 1 to October 24.
Park Heeyoung, Mayor of Yongsan-gu, stated, "The Hope Savings Account II is a practical support measure that helps low-income working households establish a foundation for self-reliance on their own," adding, "We will continue to support the independence of our residents through various asset formation support projects in the future."
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