Incheon City Supports Asset Building and Self-Reliance for Low-Income Families... 8.9 Billion KRW Provided to 5,600 People

Recruitment of 1,569 New Applicants for Five Accounts Including Youth Savings Account

Incheon City Hall

[Asia Economy Reporter Park Hyesook] Incheon City announced on the 1st that it will support a total budget of 8.9 billion KRW for 5,600 people to help low-income workers build assets and achieve self-reliance.

The Asset Formation Support Project is a savings account program that adds a certain percentage of support funds to the savings amount of low-income workers, enabling them to accumulate a lump sum after a 3-year maturity period.

Five types of accounts are operated: Youth Savings Account, Youth Hope Savings Account, Hope Savings Account I & II, and Tomorrow Savings Account. The city plans to support a total of 5,600 people this year, including 1,569 new subscribers, by investing 8.9 billion KRW.

The Youth Savings Account is available to working youth aged 15 to 39 from households receiving housing or education benefits with an income below 50% of the median income, as well as youth from near-poverty households. If a youth from a near-poverty household saves 100,000 KRW monthly, the government will add a 300,000 KRW earned income incentive, allowing them to receive 14.4 million KRW after 3 years.

The Youth Hope Savings Account targets youth recipients of basic living security livelihood benefits whose earned or business income is at least 30% of the median income for a single-person household. It provides a 100,000 KRW earned income deduction and government support funds proportional to the individual's income, up to a maximum of about 500,000 KRW per month.

Hope Savings Account I is for livelihood and medical benefit recipients whose earned or business income is at least 60% of 40% of the median income and who are currently employed at the time of enrollment. It supports an average of 350,000 KRW per month.

Hope Savings Account II is for households receiving housing or education benefits or near-poverty households with earned or business income below 50% of the median income, who are currently employed at the time of enrollment. If they save 100,000 KRW monthly, an additional 100,000 KRW earned income incentive is added monthly.

The Tomorrow Savings Account requires applicants to have participated continuously for at least one month in a self-support work program at the time of application and provides a 1:1 matching support on the individual's savings.

The recruitment period for Youth Hope Savings Account, Hope Savings Account I, and Tomorrow Savings Account is from this month through November, while Youth Savings Account and Hope Savings Account II are recruited in installments in February, May, August, and October. Those wishing to apply can visit their local neighborhood administrative welfare center to submit an application.

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