Gyeongnam Province Supports Youth Mutual Aid Savings... Targeting 529 Participants
Support for Youth Lump-Sum Savings and Encouragement of Long-Term Employment
[Asia Economy Yeongnam Reporting Headquarters Reporter Kang Woo-kwon] Gyeongsangnam-do (Governor Kim Kyung-soo) is starting the first support for the 'Gyeongnam Youth Mutual Growth Savings Deposit Project.'
The 'Gyeongnam Youth Mutual Growth Savings Deposit Project' is a program designed to provide young people with an opportunity to accumulate a lump sum of money and encourage long-term employment at local companies. It supports local youth and companies in connection with the 'Ministry of Employment 2-Year Mutual Savings.'
If a young person works an additional year after the maturity of the 'Ministry of Employment 2-Year Mutual Savings' and deposits 16 million KRW from the Ministry of Employment mutual savings maturity amount plus an additional 2 million KRW into the 'Gyeongnam Youth Mutual Growth Savings Deposit,' the province provides 6 million KRW in youth support funds upon maturity of the savings. In this way, the youth can accumulate a total of 24 million KRW. Additionally, companies that employ youth can receive corporate support funds of 1.5 million KRW per youth (up to 5 people).
In this regard, the province signed agreements with local banks, Gyeongnam Bank and Nonghyup Bank, and launched the 'Gyeongnam Mutual Growth Savings Deposit' products this year. Youth can receive benefits such as preferential interest rates and fee exemptions through the savings products of these banks.
The '2019 Corporate Support Fund' was provided to 245 companies with 522 million KRW (for 345 youth) as of the end of 2019, and support is planned for about 250 youth by July this year.
Hot Picks Today
"Buy on Black Monday"... Japan's Nomura Forecasts 590,000 for Samsung, 4 Million for SK hynix
- "Plunged During the War, Now Surging Again"... The Real Reason Behind the 6% One-Day Silver Market Rally [Weekend Money]
- "Not Everyone Can Afford This: Inside the World of the True Top 0.1% [Luxury World]"
- "We're Now Earning 10 Million Won a Month"... Semiconductor Boom Drives Performance Bonuses at Major Electronic Component Firms
- Experts Are Already Watching Closely..."Target Stock Price 970,000 Won" Now Only the Uptrend Remains [Weekend Money]
Cha Seok-ho, Director of the Job Economy Division of Gyeongsangnam-do, stated, "Through the Gyeongnam Youth Mutual Growth Savings Project, we have supplemented the program to induce long-term employment of youth, support asset and career formation, and resolve the youth recruitment difficulties faced by local companies, thereby creating an employment environment where both youth and companies mutually prosper."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
