Changwon City Recruits 250 Participants for 'Youth Tomorrow Account' to Support Asset Building

Matching Monthly Personal Savings Amount for 3 Years with Equal Contribution Support

Changwon City Hall Exterior View

[Asia Economy Yeongnam Reporting Headquarters, Reporter Hwang Choi Hyun-joo] Changwon City in Gyeongnam announced on the 1st that it will recruit participants for the second half of this year’s ‘Youth Tomorrow Account Project’ to support hopeful asset formation for low-income working youth.

Eligibility requirements include working youth aged 19 to 34 residing in Changwon City. Applicants must have been continuously employed at a workplace registered with the four major social insurances since before June 1, have a personal income of 2.2 million KRW or less before tax on average per month, and a household income at or below 120% of the median income.

Notably, this recruitment plan has relaxed application criteria from workers employed at workplaces located in ‘Gyeongnam and Busan regions’ to also include those located outside Changwon City.

▲ Participants in other local governments’ and Ministry of Health and Welfare’s asset formation support projects such as Youth Hope Savings Account, Tomorrow Savings Account, Hope Savings Account I & II, Youth Savings Account ▲ Participants in the Ministry of Employment and Labor and Small and Medium Business Corporation’s ‘Youth Tomorrow Savings Deduction’ ▲ Public officials working for national and local governments ▲ Workers in antisocial industries such as luxury, illegal activities, entertainment, gambling, and speculative businesses ▲ Those receiving youth job-seeking activity allowances or participating in Changwon City’s youth housing support projects this year are excluded from eligibility.

Those wishing to participate can apply at their local eup/myeon/dong administrative welfare centers from the 7th to the 18th. Selected participants who maintain employment for three years and save 150,000 KRW monthly will receive a matching support fund of 150,000 KRW from the city, allowing them to withdraw a maturity amount of 10.8 million KRW plus interest after three years.

Park Sang-seok, Director of Job Creation Division, said, “We hope the Youth Tomorrow Account will be a stepping stone encouraging self-reliance by supporting long-term employment and lump-sum savings for hardworking youth.”

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