Namwon-si to Recruit Participants for 'Asset Formation Support Project' Starting Next Month 2

[Namwon=Asia Economy Honam Reporting Headquarters Reporter Jeong Young-gwon] Namwon City, Jeonbuk (Mayor Lee Hwan-joo) announced on the 27th that it will recruit candidates for Hope Savings Account I, Hope Savings Account II, Tomorrow Savings Account, Youth Hope Savings Account, and Youth Savings Account starting from the 2nd of next month as a self-reliance support project for asset formation for low-income households.

The asset formation support project is a program that matches earned income incentives to the subscriber's savings over a 3-year subscription period to help form assets necessary for self-reliance and self-support, returning the accumulated funds as a lump sum.

This year, the plan is to recruit a total of 127 people: 19 for Hope Savings Account I, 25 for Hope Savings Account II, 18 for Tomorrow Savings Account, 43 for Youth Hope Savings Account, and 22 for Youth Savings Account. So far, 71 people have been selected across all five accounts.

Hope Savings Account I is available to livelihood and medical benefit recipients whose earned income is at least 1.17 million KRW for a four-person household. Subscribers can save 50,000 KRW or 100,000 KRW monthly and receive earned income incentives up to 663,000 KRW per month (based on a four-person household) proportional to their earned income.

After the 3-year maturity, subscribers can receive up to 28.19 million KRW including their own savings and earned income incentives.

Hope Savings Account II is available to housing, education benefit, and near-poverty groups with income below 50% of the median income. Subscribers save 100,000 KRW monthly and upon completing 4 self-reliance capacity-building education sessions and 6 case management sessions over 3 years, they can receive up to 7.2 million KRW at maturity.

The Tomorrow Savings Account is available to those who have been actively participating in self-support work groups continuously for at least one month at the time of application. Subscribers save 50,000 KRW or 100,000 KRW monthly and if they find employment or start a business within 3 years, they can receive up to 16.2 million KRW including government support.

Youth Hope Savings Account targets youth from livelihood benefit households with income recognized below 30% of the median income. It supports 45% of total income as earned income incentives and provides up to 23.69 million KRW including government support if employment or entrepreneurship occurs within 3 years.

Youth Savings Account is for youth in housing, education benefit, and near-poverty groups with income recognized below 50% of the median income. By completing 3 self-reliance capacity-building education sessions and obtaining a nationally certified qualification within 3 years, subscribers can receive up to 14.4 million KRW.

Those wishing to apply should visit the administrative welfare center with proof of employment and income documents in their jurisdiction to apply.

The support funds provided through this project can be used for purchasing housing, higher education or technical training for the subscriber or their children, startup or operating funds for businesses, and other purposes necessary for self-support and self-reliance. Please note that if the subscriber gives up before the 3-year maturity, only their own savings will be returned.

Namwon=Asia Economy Honam Reporting Headquarters Reporter Jeong Young-gwon wjddudrnjs@asiae.co.kr

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