Bucheon-si, Recruiting New Subscribers for Hope Savings Account II and Youth Savings Account

Bucheon City Hall

[Asia Economy Reporter Park Hyesook] Bucheon City, Gyeonggi Province, will recruit new subscribers for the Hope Savings Account II from the 1st to the 19th of next month, targeting working households receiving housing and education benefits as well as other low-income groups.

The 'Hope Savings Account II' is an asset-building support program where subscribers save 100,000 KRW monthly for three years and receive an additional 100,000 KRW in earned income incentives. Upon maturity, subscribers can receive up to 7.2 million KRW including their own savings of 3.6 million KRW, earned income incentives of 3.6 million KRW, and statutory interest.

General households can also join the Hope Savings Account II if they have workers (business owners) who meet the low-income criteria (for a four-person household, income below 2,438,145 KRW).

To terminate the Hope Savings Account II at maturity, all conditions must be met, including continuing work activities, completing education and case management counseling, and submitting documents proving that at least 50% of the funds were used appropriately.

The city will also recruit new subscribers for the Youth Savings Account during the same period. Eligible applicants are household members aged 15 to 39 with earned income, who receive housing and education benefits or belong to other low-income groups.

The 'Youth Savings Account' allows subscribers to save 100,000 KRW monthly for three years and receive an additional 300,000 KRW in earned income incentives. Upon maturity, subscribers can receive up to 14.4 million KRW including their own savings of 3.6 million KRW, earned income incentives of 10.8 million KRW, and statutory interest.

General households can also join the Youth Savings Account if they have workers (business owners) who meet the low-income criteria.

To terminate the account at maturity, all conditions must be met, including continuing work activities, obtaining at least one nationally certified qualification, completing annual education sessions (three in total), and submitting documents proving that at least 50% of the funds were used appropriately.

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