Gwanak-gu and Woori Bank Gwanak-gu Office Branch Collaborate on Project to Increase Youth Savings Accounts

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[Asia Economy Reporter Park Jong-il] Gwanak-gu (Mayor Park Jun-hee) signed a business agreement with Woori Bank Gwanak-gu Office Branch on November 27 to successfully promote the ‘Eutteum Gwanak Youth Account’ project.

The ‘Eutteum Gwanak Youth Account’ is implemented to help working youth who are struggling with tuition fees and employment difficulties to prepare a lump sum for housing, marriage, education, start-ups, and more.

With this business agreement, the district finalized mutual work procedures regarding the overall project operation, including detailed project procedures consultation, account opening, and system support with Woori Bank Gwanak-gu Office Branch as the partner bank.

For the ‘Eutteum Gwanak Youth Account,’ if participants consistently save 100,000 KRW or 150,000 KRW monthly for 2 or 3 years, the district will accumulate an earned income tax credit matching the saved amount, and the partner bank will provide additional interest.

For example, if saving 150,000 KRW monthly for 3 years, the total will be 10.8 million KRW, combining the participant’s savings of 5.4 million KRW and the district’s matching 5.4 million KRW, plus additional interest provided by the partner bank.

This youth account project is the first among autonomous districts in Seoul to support asset formation for working youth facing difficulties such as student loans and housing costs, aiming to boost their motivation to work and independence.

Gwanak-gu selected 60 participating youth on November 16 and proceeded with contract signing, planning to select 60 more by 2022 to support a total of 120 youth.

Mayor Park Jun-hee said, “We ask for the active cooperation of Woori Bank, our partner bank, in operating this project,” and added, “We hope this project will be a stepping stone for youth to secure funds to realize their various dreams, and Gwanak-gu will continue to stand with the youth for a stable future.”

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