Support for Lump-Sum Savings for Low-Income Vulnerable Workers... Seoul City Recruiting Participants for Bankbook Program

Recruitment for Hope I·II, Youth Hope, Youth Savings Account, and NaeilKium Subscribers from 1st to 19th Next Month
Additional 100,000 KRW Contribution Without Personal Deposit for Those with Earned Income Over 100,000 KRW

[Asia Economy Reporter Lim Cheol-young] The Seoul Metropolitan Government announced on the 31st that it will recruit new participants for the Hope Savings Account I & II, Tomorrow Savings Account, Youth Hope Savings Account, and Youth Savings Account, which support low-income vulnerable groups who are ‘working’ to prepare ‘self-reliance seed funds.’

The first recruitment period this year is from the 1st to the 18th of next month for the Youth Hope Savings Account, Hope Savings Account I, and Tomorrow Savings Account, and from the 1st to the 19th of next month for the Youth Savings Account and Hope Savings Account II.

The Youth Hope Savings Account, Youth Savings Account, and Hope Savings Account II provide basic information such as recruitment schedules, income criteria, and application methods through card news linked via QR codes printed on promotional leaflets distributed during the recruitment period. Qualification consultations, required document verification, and application submissions can be done at the community service centers of the applicant’s resident district.

There are two types of youth savings accounts targeting youth aged 15 to 39, and participants must have earned income during the subscription period. Relevant documents such as employment certificates, business registration certificates, or proof of business activities are required, and participants must have had earned income from work or business in the last three months, even if small. Cases such as university work-study scholarships, unpaid work, unemployment benefits, and childcare leave allowances are not eligible, and luxury or entertainment businesses, gambling, and speculative industries are excluded.

The Youth Hope Savings Account targets youth from households with income below 30% of the median income (KRW 1,462,887 per month for a family of four). If monthly earned income is maintained for three years, without personal savings, KRW 100,000 per month is accumulated as earned income deduction, and 45% of the youth’s total income is accumulated as earned income incentive. After three years, participants can save between KRW 15.6 million and KRW 23 million.

The Youth Savings Account is for youth from households receiving housing or education benefits or near-poverty households with income below 50% of the median income (KRW 2,438,145 per month for a family of four). By saving KRW 100,000 on the 20th of each month, participants receive an earned income incentive of KRW 300,000, enabling them to save KRW 14.4 million after three years (1:3 matching support).

The Hope Savings Account II is for household members of households receiving housing or education benefits or near-poverty households with income below 50% of the median income. Priority is given to single-parent families or households supporting children and adolescents under 18. By saving KRW 100,000 on the 20th of each month, participants receive an earned income incentive of KRW 100,000, enabling them to save KRW 7.2 million after three years (1:1 matching support).

The Hope Savings Account I is for ‘working’ households receiving livelihood or medical benefits whose total household income at the time of application is at least 60% of 40% of the median income (minimum living expenses) (KRW 1,170,310 per month for a family of four). By saving KRW 100,000 on the 20th of each month, participants receive income-proportional earned income incentives, enabling them to save between KRW 16.9 million and KRW 27 million after three years.

The Tomorrow Savings Account targets participants in self-support work projects at local self-support centers. By saving KRW 100,000 on the 20th of each month, participants receive a 1:1 matching Tomorrow Work Incentive, Tomorrow Incentive, and Tomorrow Earnings Incentive funded by sales reserves and profits of the self-support project group, enabling them to save between KRW 22.3 million and KRW 23.4 million after three years. Applications can be made at the participant’s local self-support center, and monthly savings can be chosen from KRW 50,000, KRW 100,000, or KRW 200,000.

Lee Hae-woo, Director of Welfare Planning at Seoul City, said, “We aim to help low-income youth and vulnerable groups prepare for a more stable future through regular saving habits,” adding, “Seoul City will actively support them so they do not lose their dreams even in difficult times.”

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