Jeonnam Province 'Youth Hope Stepping Stone Account' First Maturity Savings Delivery Ceremony

[Muan=Asia Economy Honam Reporting Headquarters, Reporter Yoon Jamin] Jeonnam Province announced on the 23rd that it held the first maturity savings delivery ceremony for the ‘Youth Hope Stepping Stone Account,’ operated to support stable future preparation and independence for working youth.

At the delivery ceremony, Jeonnam Province Vice Governor Song Sang-rak, Gwangju Bank Vice President Lee Chun-woo, and five young people attended, sending congratulatory messages and cheering on the dreams of the youth.

The Youth Hope Stepping Stone Account is a project that supports asset formation by jointly opening a savings account between Jeonnam Province and young people so that youth in the province can prepare for a stable future locally.

If a working youth deposits 100,000 KRW monthly for three years, the province supports the same amount, allowing the youth to receive a total of 7.2 million KRW?double their own deposits?plus interest at maturity, helping to build a foundation for independence.

The 819 young people who participated in this project first joined in 2017 when the province began promoting youth happiness policies and have steadily paid savings for the past three years. At maturity, they will receive 7.55 million KRW including interest (3.6 million KRW from youth deposits, 3.7 million KRW from provincial support, and 250,000 KRW in interest).

One young participant said, “I feel proud to have received the maturity savings without giving up midway, and it was a great help in preparing seed money during economically difficult times.” They also suggested, “Please expand support not only to low-income working youth but also to self-employed individuals struggling due to COVID-19 and other reasons.”

Jeonnam Province Vice Governor Song Sang-rak said, “I hope the maturity savings will help youth in their employment and start-up activities,” adding, “From next year, we will expand support to business owners facing income reduction to promote demand-centered customized youth policies.”

Meanwhile, Jeonnam Province operates a ‘Payment Suspension System’ that temporarily halts deposits to prevent youth facing difficulties such as unemployment, illness, or accidents from prematurely terminating their accounts, and a ‘Back Payment System’ that allows overdue payments to be made retroactively, enabling more young people to benefit.

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