If You Save 3.6 Million Won, You Get 10 Million Won... Incheon City Opens Applications for 'Dream For Youth Account'

Selected 400 People for Bankbook Issuance in Early July
Expanded Support to Knowledge-Based Service Industries

Incheon City Hall

[Asia Economy Reporter Park Hyesook] Incheon City is recruiting applicants for the issuance of the 'Dream For Youth Account' from the 12th of this month until the 2nd of next month to help young workers employed at small and medium-sized manufacturing companies save a lump sum.

This program provides a one-time support of a total of 10 million KRW by combining the worker's own savings of 3.6 million KRW, saved monthly at 100,000 KRW for three years, with a city subsidy of 6.4 million KRW.

The account issuance targets are young residents of Incheon aged 39 or younger who have been employed for more than two years at small and medium-sized manufacturing companies or knowledge-based service industries in Incheon, working at least 35 hours per week, enrolled in the four major social insurances, and earning an annual salary of 28 million KRW or less as regular employees.

Applications are accepted online through the city’s website (http://dream.incheon.kr). After comprehensively reviewing employment period, residence period, salary, and other factors, 400 applicants will be selected, followed by an orientation, and the youth accounts will be issued starting early July.

The city raised the salary eligibility from 24 million KRW to 28 million KRW to reflect the minimum wage increase and attract excellent talent needed by companies. Additionally, considering the industrial structure shift from manufacturing to a service-oriented economy, support has been expanded to include knowledge-based service industries.

An Incheon city official stated, "The Dream For Youth Account encourages the work motivation of young people who diligently work at local small and medium-sized enterprises and supports their lump sum savings to promote youth independence." He added, "Furthermore, by inducing long-term employment of skilled young workers, we expect to alleviate manpower shortages in small and medium-sized enterprises and promote youth employment."

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