Changwon City Supports Low-Income Families in Raising Lump Sum Funds... Recruiting New Subscribers in May

Providing Low-Income Groups with Opportunities to Save Large Sums through 5 Types Including Naeil Kiwoom Account and Youth Savings Account

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Saeyan] Changwon City, Gyeongnam Province, will recruit new subscribers for the Asset Formation Support Project starting May 3 to help low-income households build assets.

The Asset Formation Support Project is a financial support program that matches a certain percentage of incentives when low-income earners with earned income save their own savings, and pays out the total amount after a 3-year maturity.

There are five types: Hope Savings Account I, Hope Savings Account II, Tomorrow Savings Account, Youth Hope Savings Account, and Youth Savings Account.

Depending on the project, support ranging from 7.2 million KRW to a maximum of 28.19 million KRW, including the subscriber's own savings, can be received.

Income, property, and age criteria for eligibility and support amounts vary according to the type of Asset Formation Support Project.

Hope Savings Account I provides differential support at a certain rate proportional to earned or business income when households receiving livelihood or medical benefits save their own savings monthly.

Hope Savings Account II supports households receiving housing or education benefits and near-poverty households with an incentive of 100,000 KRW when they save 100,000 KRW monthly.

Tomorrow Savings Account supports participants of self-support work groups with incentives and earnings at a certain rate relative to their own savings.

Youth Hope Savings Account targets youth (ages 15 to 39) receiving livelihood benefits and provides incentives at a certain rate proportional to earned income deductions and earned or business income without requiring personal savings.

Youth Savings Account supports youth (ages 15 to 39) from households receiving housing or education benefits and near-poverty households with an incentive of 300,000 KRW when they save 100,000 KRW monthly.

Subscribers to the Asset Formation Support Project must continue working during the subscription period.

Additionally, to receive support funds, subscribers must meet payment conditions according to the project type until the account matures, such as termination of benefit receipt, employment or start-up, completion of self-reliance capacity education, participation in case management, or acquisition of nationally certified qualifications.

Applications can be submitted at the administrative welfare centers of the resident's eup, myeon, or dong until May 20. For detailed information about the project, contact Changwon City Hall, the social welfare departments of each district office, or the administrative welfare centers of the resident's eup, myeon, or dong.

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