Seoul City Recruits 1,000 Participants for 'Irum Account' Self-Reliance Fund for Severely Disabled Youth

Saving 100,000, 150,000, or 200,000 Won Monthly for 3 Years with 150,000 Won Matching Contribution

[Asia Economy Reporter Lim Cheol-young] The Seoul Metropolitan Government announced on the 2nd that it will recruit 1,000 new participants for the ‘Irum Account’ starting from the 3rd to help alleviate the economic difficulties and future anxieties of young people with severe disabilities.

Launched in 2018, the ‘Irum Account’ is a program implemented by the Seoul Metropolitan Government, the first of its kind nationwide, to help economically vulnerable young people with severe disabilities build seed money for their future. This year marks the first year that the initial participants from 2018 reach maturity (3 years).

The ‘Irum Account’ works by having participants save a fixed amount monthly (100,000, 150,000, or 200,000 KRW) for three years, with the Seoul Metropolitan Government adding 150,000 KRW monthly. Upon maturity, participants can receive up to 12.6 million KRW plus additional interest.

Eligibility requires applicants to be severe disabled persons aged between 15 and 39, residing in Seoul, and members of households with an income recognized as 100% or less of the median income as of the announcement date.

The application period is from the 3rd to the 28th, and applications can be submitted in person at the local community service center of the applicant’s address. Kim Seon-soon, Director of Welfare Policy, stated, “The Irum Account is a tailored support system designed to help young people with severe disabilities, who face relatively greater difficulties in employment, build funds for independence.” She added, “We hope that through the Irum Account, young people with severe disabilities can nurture their dreams of independence.”

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