Damyang-gun Recruiting Participants for Asset Building Support Project to Promote Self-Reliance of Low-Income Households

Apply at your local Eup or Myeon office by the 20th

[Damyang=Asia Economy Honam Reporting Headquarters Reporter Kim Chunsu] On the 3rd, Damyang-gun, Jeollanam-do announced that it is recruiting new participants for the Asset Formation Support Project to help low-income households build assets and achieve self-reliance.

The Asset Formation Support Project is a program that supports low-income earners with earned income to prepare a lump sum necessary for self-reliance. Applications can be submitted at the local town or township office by the 20th.

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

Hope Savings Account I, targeted at households receiving livelihood and medical benefits, provides a work income incentive (up to 663,000 KRW per month) proportional to household income when saving 50,000 KRW or 100,000 KRW monthly.

Hope Savings Account II, for households receiving housing and education benefits or near-poverty groups, offers a work income incentive of 100,000 KRW on a monthly personal savings amount of 100,000 KRW, enabling participants to accumulate 7.2 million KRW after three years.

The Tomorrow Savings Account, for self-support workers participating in self-support projects, provides a 1:1 matching Tomorrow Savings Incentive and Tomorrow Savings Profit on personal savings (selectable among 50,000 KRW, 100,000 KRW, or 200,000 KRW). By saving for three years, participants can receive up to 23.4 million KRW.

The Youth Hope Savings Account targets working youth (aged 15-39) from households receiving livelihood benefits. If they maintain earned or business income for three years, a work income deduction of 100,000 KRW is accumulated monthly without personal savings, and 45% of the youth’s total income is additionally accumulated as a work income incentive (up to 538,000 KRW per month).

The Youth Savings Account, for working youth (aged 15-39) from households receiving housing and education benefits or near-poverty groups, provides a work income incentive of 300,000 KRW on a monthly personal savings amount of 100,000 KRW, enabling participants to accumulate 14.4 million KRW after three years.

Those wishing to enroll can apply by visiting their local town or township office. For more details, inquiries can be made to the County Resident Happiness Division.

A county official stated, “In the prolonged COVID-19 situation where the entire nation is exhausted, we will strengthen publicity to help more low-income households achieve self-reliance,” and added, “We hope for active participation from low-income households and youth.”

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