Sancheong-gun Recruiting Participants for Asset Formation Support Project 'Hope Growth Account'

Up to 660,000 KRW Accumulated Monthly, Up to 28 Million KRW Upon Meeting Requirements

Entrance Signstone of Sancheong-gun

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Sancheong-gun, Gyeongnam announced on the 10th that it is recruiting candidates for the ‘2021 Asset Formation Support Project’ to help low-income households hoping for self-reliance to accumulate a lump sum of money.

The ‘Asset Formation Support Project’ is a program aimed at supporting asset formation and self-reliance for working basic livelihood security recipients and near-poverty households.

Five projects are being promoted in total, and among them, applications for Hope Savings Account (I), Tomorrow Savings Account, and Youth Hope Savings Account are open until the 18th. Recruitment for Hope Savings Account (II) and Youth Savings Account is scheduled for May.

Hope Savings Account (I) targets households receiving livelihood and medical benefits. If they work and save 50,000 KRW or 100,000 KRW monthly for the 3-year account subscription period, an earned income incentive (up to 663,000 KRW per month for a 4-person household) is accumulated proportionally to household income. If the household exits the recipient status at maturity, up to approximately 28 million KRW is supported.

Tomorrow Savings Account targets self-support workers who diligently participate in the self-support work project for 12 or more working days per month. If they save 200,000 KRW monthly (with options of 50,000 KRW or 100,000 KRW), up to 23.4 million KRW is supported at maturity if conditions are met.

The conditions include ▲exiting recipient status within 3 years after account subscription ▲employment or start-up in the general labor market ▲enrollment or re-enrollment in university ▲obtaining a certification, satisfying at least one of these. Additionally, education and case management standards must be met.

Youth Hope Savings Account targets working youth recipients of livelihood benefits aged 15 to 39.

If they work for 3 years during the account subscription period, 45% of their monthly income is accumulated as earned income incentive (up to 538,000 KRW per month) without personal savings. Up to approximately 26 million KRW is supported if they exit recipient status at maturity.

A county official said, “We promote this project annually to support residents facing difficulties in life by encouraging their willingness to work and helping them accumulate a lump sum of money as a foundation for asset formation,” adding, “We hope low-income households and youth currently working actively participate.”

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