Namwon-si, Recruitment for Lump Sum Savings Project for Vulnerable Groups

[Asia Economy Honam Reporting Headquarters Reporter Park Nosik] Namwon City, Jeonbuk Province announced on the 20th that it will recruit candidates for the Hope Savings Account (Ⅰ), Tomorrow Savings Account, Youth Hope Savings Account, and Youth Savings Account starting from the 1st of next month as a self-reliance support project for asset formation for low-income households.

The asset formation project supports low-income earners to save a lump sum while working to escape poverty. This year, the plan is to recruit 19 people for the Hope Savings Account (Ⅰ), 18 for the Tomorrow Savings Account, 43 for the Youth Hope Savings Account, and 22 for the Youth Savings Account.

The first recruitment for Hope Savings Account Ⅰ, Tomorrow Savings Account, and Youth Hope Savings Account will be held from the 1st to the 18th of next month, and for Hope Savings Account Ⅱ and Youth Savings Account from the 1st to the 19th of next month (divided recruitment 10 times a year).

Applications for Hope Savings Account Ⅰ, Hope Savings Account Ⅱ, Youth Hope Savings Account, and Youth Savings Account can be submitted at the Eup/Myeon/Dong Administrative Welfare Centers, and for the Tomorrow Savings Account at the Regional Self-Support Center.

Hope Savings Account Ⅰ is available to livelihood and medical benefit recipients with earned income of 1,139,000 KRW or more for a four-person household.

If you save 50,000 KRW or 100,000 KRW monthly, you can receive a monthly earned income tax credit of up to 646,000 KRW (based on a four-person household) proportional to your earned income, and after a 3-year maturity, you can receive up to 27,570,000 KRW including your own savings and the earned income tax credit.

Hope Savings Account Ⅱ is available to housing, education benefit, and near-poverty classes with less than 50% of the median income. If you save 100,000 KRW monthly and complete self-reliance capacity education (4 times) and case management (6 times) over 3 years, you can receive up to 7,200,000 KRW after 3 years.

The Tomorrow Savings Account is available to those who have participated faithfully in the self-support work group continuously for more than one month at the time of application. If the subscriber saves 50,000 KRW or 100,000 KRW monthly and gets employed or starts a business within 3 years, they can receive up to 23,400,000 KRW including government support.

The Youth Hope Savings Account targets youth from livelihood benefit households with income recognition below 30% of the median income. It supports 45% of total income as earned income tax credit. If employed or starting a business within 3 years, they can receive up to 23,140,000 KRW including government support.

The Youth Savings Account targets youth from housing, education benefit, and near-poverty households with income recognition below 50% of the median income. If they complete self-reliance capacity education 3 times over 3 years and obtain a nationally certified qualification, they can receive up to 14,400,000 KRW.

A Namwon City official said, “The continuous promotion of asset formation support projects will greatly help stabilize the lives of beneficiaries with earned income.”

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