Selection of 1,000 Participants for Seoul Severe Disabled Youth Independence Support 'Irum Account'

Participation Age Expanded from 34 to 39 Years
Matching Savings of 150,000 KRW for Monthly Deposits of 100,000, 150,000, or 200,000 KRW Over 3 Years

[Asia Economy Reporter Jo In-kyung] To help economically vulnerable young people with severe disabilities secure funds for independence, the Seoul Metropolitan Government will recruit 1,000 new participants for the 'Irum Savings Account' starting from the 6th.

The Irum Savings Account, first implemented nationwide by the city in 2018, is a program designed to assist young people with severe disabilities who face difficulties in employment and economic vulnerability in building assets. Participants save a fixed amount monthly?100,000, 150,000, or 200,000 KRW?for three years, and Seoul City adds an additional 150,000 KRW monthly. At maturity, participants receive up to 12.6 million KRW plus interest.

So far, 1,691 people with severe disabilities have participated in the savings program, and the accumulated funds can be used for education expenses, medical expenses, housing costs, or as future assets for preparing for independence or long-term funds.

For example, saving 200,000 KRW monthly for three years results in a personal savings amount of 7.2 million KRW, plus an additional matched contribution of 5.4 million KRW from Seoul City over three years, totaling 12.6 million KRW, with maturity interest from the bank added on top.

This year, the third year since implementation, the city has expanded the eligible age range from 15 to 34 years old to 15 to 39 years old for people with severe disabilities, and relaxed disability grades and types in accordance with the disability grading system reform.

Accordingly, applicants must be residents of Seoul aged 15 to 39 with severe disabilities whose recognized income is at or below 100% of the median income. Applications must be submitted in person at the local community service center by the 29th of this month.

Applicants who are recipients of livelihood or medical benefits or have poor credit are excluded from eligibility, and only one member per household may apply. Additionally, households currently participating in the Hope Double Youth, Hope Plus, Kkumnarae Savings Account, Seoul Youth Savings Account, or similar asset-building support programs from other local governments or the Ministry of Health and Welfare are also excluded.

Applicants will be screened and selected based solely on submitted documents without interviews. The final selected participants will be announced at the end of August, and savings will begin with a contract signing ceremony in early September.

For more details, contact the Seoul City Dasan Call Center (120), your local community service center, or district office.

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