Gwangju Nam-gu, Recruiting New Subscribers for Hope, Tomorrow, and Youth Hope Savings Accounts

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Nam-gu, Gwangju Metropolitan City (District Mayor Kim Byeong-nae) announced on the 5th that it will recruit new subscribers for the ‘Hope Savings Account I & II’, ‘Tomorrow Savings Account’, and ‘Youth Hope Savings Account’ to support the financial asset formation of vulnerable groups with difficult household circumstances, young livelihood recipients, and participants in self-support projects.

The Hope Savings Account I is for livelihood and medical benefit households whose earned or business income is 60% or more of 40% of the median income standard. By depositing 50,000 KRW or 100,000 KRW monthly, participants can receive earned income incentives according to income and household size.

The Hope Savings Account II is available to households receiving housing or education benefits with an income recognition amount of 50% or less of the median income standard, as well as the near-poor class. By depositing 50,000 KRW or 100,000 KRW monthly, the same amount is supported.

The Tomorrow Savings Account supports those who have been faithfully participating in the self-support work project group for more than one month at the time of account application. By saving 100,000 KRW monthly, participants receive a monthly earned income incentive of 100,000 KRW along with a certain portion of profit support.

The Youth Hope Savings Account is available to young people aged 15 to 39 who are livelihood recipients with earned or business income at or below 30% of the median income standard for a single-person household. Support is provided differentially according to income without any deposit.

The subscription period for the Hope Savings Account I & II and Tomorrow Savings Account is until the 19th of this month.

Applications for Hope Savings Account I & II can be submitted at the local administrative welfare center of the resident’s jurisdiction, while applications for the Tomorrow Savings Account are accepted at the Nam-gu Regional Self-support Center.

Recruitment for the Youth Hope Savings Account subscribers is conducted until the 17th at the local administrative welfare center of the resident’s jurisdiction.

A Nam-gu official said, “Since the support targets and application periods differ by account type, please check carefully in advance, and as this is a good opportunity to prepare a lump sum, we hope you apply and further grow your financial assets.”

This content was produced with the assistance of AI translation services.