Gyeonggi-do Supports 'Out-of-Home Youth' with 200,000 KRW for 6 Years When Saving 100,000 KRW Monthly

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province is promoting the 'Self-Reliance Double Savings Account' project to help 'out-of-home youth' living in youth welfare facilities achieve economic independence after leaving the facilities.

If the eligible youth save 100,000 KRW monthly, the province will support up to 200,000 KRW per month. By saving for six years, they will accumulate a total of 21.6 million KRW.

The province has prepared a project plan for the 'Self-Reliance Double Savings Account' and plans to consult with the Gyeonggi Provincial Council, 31 cities and counties, and the Ministry of Health and Welfare's Social Security Deliberation Committee within this month.

If consultations proceed as planned, the province will start the project next year targeting about 100 individuals.

'Out-of-home youth' refers to young people who have left their homes due to family conflicts, abuse, neglect, etc., and live in youth welfare facilities. They are required to leave the facilities upon reaching the age of 24.

Unlike 'protected children who age out' who leave child welfare facilities after turning 18, out-of-home youth receive no cash support benefits such as the Didim Seed Account or self-reliance settlement funds after leaving the facilities.

The province explained that there is an issue of fairness as youth leaving shelters and protected children aging out of child welfare facilities, who face similar economic hardships at similar ages, do not receive benefits due to differences in the type of facility they were admitted to. This is the background for the current measure.

Last year, there were about 4,300 out-of-home youth in the province, with about 35% returning to their families after leaving the facilities. The rest face unstable housing environments such as staying at friends' homes or living alone.

The support targets are out-of-home youth aged 15 to 24 residing in the province with a household income at or below 120% of the median income. They must have lived in a youth shelter for at least three years or have left after such a period, or have lived in a youth shelter for at least one year and received support from a youth self-reliance support center for at least six months. Selected youth can receive support for up to six years in two-year increments.

Park Seung-sam, Director of Lifelong Education at the province, emphasized, "Many youth leaving shelters have economic situations similar to protected children aging out of child welfare facilities, even if they have families to return to. It is necessary to expand economic support, including cash assistance, for these youth."

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