Paju City Accepting Second Round of 'Hope Savings Account II' Applications Until July 22

Up to 300,000 Won in Government Support Linked
Assistance for Self-Sufficiency and Independence

Paju City in Gyeonggi Province will be accepting the second round of applications for the 'Hope Savings Account II' program from July 1 to July 22.

Paju City Hall view. Provided by Paju City

The 'Hope Savings Account II' program provides financial support to low-income individuals with earned income by matching their monthly savings over three years with government contributions, helping vulnerable groups build assets necessary for self-reliance and self-sufficiency.

The program targets recipients of housing or education benefits and other near-poverty groups with household income at or below 50% of the median income. If participants deposit between 100,000 and 500,000 won each month, they will receive an additional 100,000 won in the first year, 200,000 won in the second year, and 300,000 won in the third year.

However, at least one household member must be employed, and participants must complete more than 10 hours of self-reliance capacity training over three years and submit a fund usage plan in order to receive the government’s earned income incentive. In the event of early withdrawal, only the participant’s own savings and interest can be received.

Those wishing to apply should visit the administrative welfare center in their residential area. After the application period, a review of income and assets will be conducted, and eligible participants will be selected by August. For more information, contact the Welfare Support Division’s Livelihood Security Team or your local administrative welfare center.

Paju City also plans to sequentially conduct additional recruitment for ▲Hope Savings Account I (September 1?12, November 3?14) and ▲Hope Savings Account II (October 1?24) according to the schedule.

Kwon Yeja, head of the Welfare Support Division, stated, "The Hope Savings Account will serve as a solid foundation for low-income individuals aspiring to become self-reliant," and added, "We will actively promote various support programs to help low-income groups establish a practical foundation for independence."