Working Youth Save 100,000 Won Monthly, Receive 14.4 Million Won After 3 Years

Seongbuk-gu Promotes 'Youth Savings Account Project' for Working Youth... Supports Housing Lease Deposits and Education Expenses to Help Lower-Income Youth Settle in Society and Promote Independence

Lee Seung-ro, Mayor of Seongbuk-gu

[Asia Economy Reporter Park Jong-il] Seongbuk-gu (Mayor Lee Seung-ro) will promote the ‘Youth Savings Account Project’ from April 1 to support asset formation for young people in the lower-income bracket with working ability, helping them overcome financial difficulties and prepare for a stable future.

The ‘Youth Savings Account Project’ is designed to help working youth receiving housing and education benefits or belonging to the lower-income bracket settle into society by supporting the preparation of housing lease funds and education expenses, thereby promoting independence. Under this system, working youth earning 50% or less of the median income save 100,000 KRW monthly, and the government adds 300,000 KRW, returning 14.4 million KRW after three years.

Seongbuk-gu, which is building a systematic and comprehensive youth policy support system to help vulnerable youth become independent in society, is also continuously operating asset formation support programs such as Hope Savings Account I, Hope Savings Account II, Tomorrow Savings Account, and Youth Hope Savings Account.

△ Hope Savings Account I targets households receiving livelihood and medical benefits with income between 40% and 60% of the median income standard, while △ Hope Savings Account II targets households receiving housing and education benefits and lower-income groups with income at or below 50% of the median income standard.

Additionally, △ Tomorrow Savings Account is for those who have been faithfully participating in self-support work projects continuously for more than one month at the time of application, and △ Youth Hope Savings Account is for youth aged 15 to 39 from livelihood benefit households with income at or below 30% of the median income standard. All accounts require income from work or business as a condition.

A Seongbuk-gu official stated, “We hope that through this project, working youth in the lower-income bracket will receive support for housing lease funds and education expenses to prepare for a stable future, and we ask for much interest so that many young people in need of support can join.”

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