Nowon-gu, Recruiting Applicants for Kkumnarae Savings Account

If You Save 50,000 to 120,000 KRW Monthly for 3 or 5 Years, Get Up to the Same Amount in Additional Support... Hope Savings Account to Help Prepare Children's Education Expenses and Foster Independence

[Asia Economy Reporter Jongil Park] Nowon-gu (Mayor Oh Seung-rok) is recruiting applicants for the Kkumnarae Savings Account, which will be a hope for the future of children.

The Kkumnarae Savings Account is a program where the applicant’s monthly savings amount is matched either equally or at half the amount, depending on income level, supported by the Seoul city budget and citizen donations.

The program aims to help children become independent by preparing education funds, recruiting 44 participants.

Applicants must meet all three criteria: ▲ Reside in Nowon-gu ▲ Be a parent aged 18 or older with a child aged 14 or younger (born after January 1, 2005) ▲ Have a household income at or below 80% of the median income based on the same household members (for households with three or more children, the threshold is 90% of the median income).

For a four-person household in 2020, 80% of the median income is 3,799,339 KRW, and 90% is 4,274,257 KRW.

Applicants or their spouses with debts exceeding 50 million KRW, those unable to open an account in their name, households already participating in programs such as Hope Plus Account, Kkumnarae Savings Account, or the Ministry of Health and Welfare’s Didim Seed Account are excluded from applying.

Support amounts: For recipients of livelihood or medical benefits, if they choose to save 50,000 KRW, 70,000 KRW, or 100,000 KRW monthly, the same amount will be supported. For recipients of housing or education benefits and non-recipients, 50% of the savings amount will be additionally supported for 50,000 KRW, 70,000 KRW, 100,000 KRW, or 120,000 KRW savings (interest is separate). However, the 120,000 KRW option is only available for households with three or more children.

The savings period can be chosen between 3 or 5 years. For example, saving 120,000 KRW monthly for 5 years will yield a total of 10.8 million KRW plus interest.

The application period is from the 6th to the 24th, and applications can be submitted by visiting the local community service center, by mail, or email. Selected applicants will be announced on October 23 on the Nowon-gu and Seoul Welfare Foundation websites.

For required documents and further details, contact the local community service center or the Nowon-gu Office Welfare Policy Division.

Mayor Oh Seung-rok said, “I hope the Kkumnarae Savings Account will be a great help in preparing education funds for children’s dreams,” and added, “We will continue to promote various educational policy supports.”

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