Over 100,000 Recipients of Cheongnyeon Naeil Chaeum Gongje Matured Funds... 16 Million Won Per Person

[Sejong=Asia Economy Reporter Moon Chaeseok] The number of young people who have received the maturity payment from the Youth Tomorrow Filling Deduction, which supports young workers in small and medium-sized enterprises (SMEs) to save a lump sum by accumulating a certain amount over two years, has surpassed 100,000.

According to the Ministry of Employment and Labor on the 25th, the cumulative number of recipients of the Youth Tomorrow Filling Deduction maturity payment reached 103,683 as of the end of last month. It took five years since the program started in July 2016 for the number of maturity payment recipients to exceed 100,000.

The average maturity payment per person was approximately 16 million KRW. This amount is 5.3 times the amount accumulated by the recipients.

The Youth Tomorrow Filling Deduction has the effect of encouraging long-term employment of young talent from the perspective of SMEs. The retention rate of subscribers to the Youth Tomorrow Filling Deduction for more than two years was 67.3%, which is twice that of young workers employed in general SMEs (33.0%).

The Ministry of Employment and Labor and the Small and Medium Business Corporation held a ceremony at the Government Complex Sejong in the afternoon to commemorate the 5th anniversary of the Youth Tomorrow Filling Deduction and the milestone of 100,000 maturity payment recipients.

At the event, Park Hwajin, Vice Minister of Employment and Labor, evaluated, "Through the Youth Tomorrow Filling Deduction, SMEs have increased the hiring of young talent and expanded their businesses, while young people have developed their careers through long-term employment, showing positive outcomes."

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