Save 100,000 KRW Monthly to Build 14.4 Million KRW Lump Sum... Incheon City Opens Youth Savings Program

Incheon City Hall

[Asia Economy Reporter Park Hyesook] Incheon City will begin recruiting new applicants for the 'Youth Savings Account' to support the independence of low-income youth starting from the 7th of next month.

The Youth Savings Account is an asset-building support program introduced to help working low-income youth settle in society by providing assistance for housing lease deposits and education expenses, thereby promoting self-reliance.

This year, the Youth Savings Account, implemented for the first time, is available to working youth from housing and education benefit households with an income below 50% of the median income and low-income youth.

If a low-income youth saves 100,000 KRW per month, the government will add a wage subsidy of 300,000 KRW, allowing them to receive a lump sum of 14.4 million KRW after three years. However, they must save 100,000 KRW monthly while maintaining employment for three years, complete annual education once a year, and obtain a nationally certified qualification.

In addition to the Youth Savings Account, the city operates programs such as Hope Savings Account I, Hope Savings Account II, Tomorrow Savings Account, and Youth Hope Savings Account for beneficiaries to support asset formation among low-income groups.

An official from Incheon City stated, "The Youth Savings Account program will support low-income youth in securing a lump sum to help them settle in society and promote independence," adding, "We will prevent impoverished youth from falling into welfare dependency and support their entry into the middle class."

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