Gyeonggi-do Supports Out-of-Home Youth with "Save 100,000 KRW, Get 200,000 KRW" Program

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province is launching the "Youth Self-Reliance Double Savings Account" project to help "out-of-home youth" living in youth welfare facilities achieve economic independence after leaving the facilities.

This project supports out-of-home youth by providing 200,000 KRW when they save 100,000 KRW, enabling them to save a total of 300,000 KRW per month. The savings period can be extended up to two times for two years each, allowing a total of six years of savings, which can accumulate to 21.6 million KRW (7.2 million KRW saved by the youth and 14.4 million KRW in support funds).

Gyeonggi Province announced on the 24th that it will recruit 100 participants for the first time this year by the 15th of next month to promote the Youth Self-Reliance Double Savings Account project.

Applicants must be residents of the province aged between 15 and 24 who have lived in a youth shelter for at least one year or have left after residing there, or youth who have lived in a youth shelter for more than six months and have been receiving support from a Youth Self-Reliance Support Center for more than six months. However, those currently participating in or who have received support from similar asset-building support projects run by the central government or local governments are excluded from eligibility.

Those interested can apply by submitting the required documents to the youth shelter where they currently reside from the 24th of this month until the 15th of next month. Youth who have left the shelter can apply at the last youth shelter they resided in or at the self-reliance support center where they are currently receiving assistance.

The province will conduct document screening and announce the final list of participating youth on the 22nd of next month.

Selected youth must visit the Gyeonggi Southern Self-Reliance Support Center (Gunpo City) or the Gyeonggi Northern Self-Reliance Support Center (Uijeongbu City) between the 23rd and 26th of next month to sign an agreement. The savings can be used for purposes such as tuition fees, technical qualifications and employment training, start-ups, housing, medical treatment, and marriage to help youth establish stable independence in society.

Choi Hong-gyu, head of the Youth Division of the province, emphasized, "Economic independence is crucial for youth to establish stable independence without parental support," adding, "We will strive to help as many youth as possible."

Out-of-home youth are those who have left their homes due to family conflicts, abuse, neglect, or other reasons and live in youth welfare facilities. They are required to leave the facilities upon reaching the age of 24.

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