Launch of Linked Naeil Chaeum Deduction for 청년내일채움공제 Maturity Holders

Membership Available from the 18th... Workers and Companies to Contribute for 3 Years

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Kwon Chil-seung) and the Small and Medium Business Corporation (Chairman Kim Hak-do, hereinafter referred to as SBC) announced on the 18th the launch of the 'Youth-Linked Tomorrow Savings Deduction,' which helps those who have matured from the Youth Tomorrow Savings Deduction to accumulate additional assets and maintain long-term employment.

The Youth-Linked Tomorrow Savings Deduction is a kind of bridging savings product that connects the Youth Tomorrow Savings Deduction and the General Tomorrow Savings Deduction. As of October, approximately 120,000 people who have matured from the Youth Tomorrow Savings Deduction are eligible to subscribe to this deduction.

To ease the burden of subscription, SBC reduced the subscription period from 5 years in the existing General Tomorrow Savings Deduction to 3 years, and lowered the average monthly payment by small and medium enterprises from 240,000 KRW to 140,000 KRW. Through additional support for workers who continue to work at small and medium enterprises even after maturing from the Youth Tomorrow Savings Deduction, it is expected to motivate long-term employment and help alleviate the manpower shortage in small and medium enterprises.

Woo Young-hwan, Head of the Job Division at SBC, said, "Policy support is necessary to stabilize jobs for young workers and SMEs during the difficult times of COVID-19," adding, "SBC will continue efforts to reflect the demands of the business field, diversify savings products, and improve the quality of jobs in SMEs and startups."

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