Daejeon 'Cheongnyeon Hope Account' Applications Open... Double Savings Received at Maturity

[Asia Economy (Daejeon) Reporter Jeong Il-woong] Daejeon City is accepting applications for the Youth Hope Savings Account this year. The Youth Hope Savings Account is considered a representative asset-building program for young people, as at the 3-year maturity, the principal amount received is more than double the savings amount contributed by the worker, including interest.

The city announced on the 26th that the recruitment schedule will begin with the posting of the Youth Hope Savings Account application announcement.

According to the city, the subscription period for the Youth Hope Savings Account is 36 months, and the applied interest rate is 2.3%.

If a subscribing youth saves 150,000 KRW monthly during the subscription period, they can receive 11 million KRW at maturity.

The city matches the amount saved by the subscriber (totaling 10.8 million KRW) and the interest on this amount is also received together.

The total number of recruits is 500, and the city plans to select 100 alternates separately in preparation for initial dropouts before finalizing the selected candidates.

Eligibility requires that, as of the announcement date, applicants must be wage-earning youths aged 18 to 39 who have resided in Daejeon for more than 6 months (registered residents), with only one applicant per household allowed.

Additionally, the household income recognition amount (income + assets) must be below 90% of the median income, and applicants must be enrolled in the four major social insurances and have been continuously employed for more than 6 months at a workplace located in Daejeon as of the announcement date, or be young business income earners who have operated a business with annual sales of 50 million KRW or less within 3 years of startup in Daejeon for more than 6 months as of the announcement date.

Applications can be submitted by downloading the relevant forms from the city’s website or the Daejeon Job Support Center, filling them out, and visiting the administrative welfare center with jurisdiction over the applicant’s address.

The final selected candidates will be announced in early October after screening.

For more details, refer to the announcement posted in the city’s news section on the website or contact the City Hall Youth Policy Division, Daejeon Job and Economic Promotion Agency, or the administrative welfare center with jurisdiction over the applicant’s address.

Meanwhile, the city introduced the Youth Hope Savings Account in 2018. Last year, 1,646 people applied for 650 spots, recording a high competition ratio of 2.53:1.

Park Moon-yong, Director of the Youth and Family Bureau of the city, said, “The Daejeon Youth Hope Savings Account is a program implemented to increase the work motivation and self-reliance foundation of low-income youths who work diligently in the region,” adding, “This year, the eligibility criteria (below 90% of median income) have been made more realistic, so we hope for active interest and participation from young people who work hard despite difficult circumstances.”

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