Daejeon City Finalizes Selection of 500 Youth Hope Savings Account Recipients

[Asia Economy (Daejeon) Reporter Jeong Il-woong] Daejeon City announced on the 12th that it has finalized the selection of 500 participants for the ‘2021 Daejeon Youth Hope Savings Account’ program.

The program received 1,159 applications for 500 spots, resulting in a competition rate of 2.3 to 1. After accepting applications from August 9 to 20, the city conducted document screening and income verification, and finalized the participants through a selection committee.

The income cutoff for selected participants was 76% of the median household income. By age group, the number of applicants was highest in the order of 20s with 230 people, 30s with 268 people, and 10s with 2 people. By employment type, there were 441 wage workers and 59 self-employed individuals.

This program is designed so that when participants save 150,000 KRW monthly, the city matches the amount, and after three years, a total of 11 million KRW including interest is paid out.

The purpose of the program is to encourage the independence of low-income young workers in the region, prevent youth from moving to other areas by promoting stable employment, and minimize turnover rates.

Selected participants must sign an online agreement and open an account at Hana Bank within the designated period.

Additionally, participants can receive the maturity savings account after maintaining employment at a local company for three years.

Park Moon-yong, Director of the Youth and Family Bureau of the city, said, “We hope this program will be a stepping stone for local young workers’ futures,” and added, “Next year, we will relax income criteria and eligibility conditions and expand the number of recruits by more than double to enable more young people to work with hope in the region.”

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