Sancheong-gun Basic Livelihood Security Recipients Asset Formation Support Project... Recruiting New Hope Savings Account Subscribers

Military "Helping Low-Income Workers Save Lump Sums"

Sancheong County Office Building Exterior View

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Sancheong-gun, Gyeongnam announced that it will recruit new subscribers for the asset-building support project, including ‘Hope Savings Account I and II,’ from the 3rd to the 20th.

The ‘Asset-Building Support Project’ is a program that supports asset formation and self-reliance for working basic livelihood security recipients and near-poverty households.

A total of five types of projects are being promoted. Hope Savings Account (I), Tomorrow’s Savings Account, and Youth Hope Savings Account recruit monthly from February to November.

Hope Savings Account (II) and Youth Savings Account recruit four times a year (February, May, August, October), and this is the second recruitment of the year.

Hope Savings Account (I) and Youth Hope Savings Account target households receiving livelihood and medical benefits. After saving for three years, if the household is no longer a recipient at maturity, up to approximately 28 million KRW will be supported.

Tomorrow’s Savings Account targets self-support workers who diligently participate in the self-support work group for 12 or more days per month. If they save 50,000 to 200,000 KRW monthly, up to 23.4 million KRW will be supported at maturity if conditions are met.

The ‘Hope Savings Account II’ project targets near-poverty households with earned income (work or business). If they work and save 100,000 KRW monthly for three years during the account subscription period, an earned income incentive (100,000 KRW monthly) will be accumulated matching the savings. At maturity, they can receive up to 7.2 million KRW plus interest, including their own savings.

To receive support funds for each project, recipients must maintain work activity for three years, complete case management and capacity-building education, and submit supporting documents for the use of 50% of the support funds (such as housing rent, education, medical expenses, health insurance premiums, and national pension payments).

A county official said, “We are promoting the project monthly to support residents facing difficulties in life by encouraging their willingness to work and helping them accumulate a lump sum as a foundation for asset formation. We hope that low-income households and youth currently working will actively participate in the project and that accumulating a lump sum will help their daily lives.”

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