Yoon's Pledge for Youth Leap Account Matching 10 Years of Annual Income to Save 100 Million Won

Annual income under 48 million won receives government matching support
Government aid decreases as income increases

[Asia Economy Reporter Naju-seok] Yoon Seok-yeol, the presidential candidate of the People Power Party, promised on the 22nd to introduce the ‘Cheongnyeon Doyak Account,’ a savings account matched by the government.

On the same day, Candidate Yoon pledged, "We will introduce the ‘Cheongnyeon Doyak Account,’ which offers higher returns than the Youth Hope Savings, to provide young people with opportunities to build assets."

The Cheongnyeon Doyak Account is a policy financial product where young people aged 19 to 34 with earned or business income can save up to 700,000 KRW per month, and the government adds about 100,000 to 400,000 KRW. After a 10-year maturity, it helps create 100 million KRW. The government’s support increases as income decreases. For young people with an annual income above 48 million KRW, only tax-exempt income deduction benefits are provided.

Candidate Yoon’s camp explained, "Funds accumulated in the Cheongnyeon Doyak Account will be concentratedly invested in companies that have a significant effect on youth employment creation. We will help individual young people prepare a lump sum and also create jobs."

Candidate Yoon pointed out that although applications for the Youth Hope Savings, which offers an annual interest rate of about 9% combining preferential interest rates and tax benefits for young people aged 19 to 34 with an annual income below 36 million KRW, have increased recently, many eligible applicants could not subscribe due to the current government’s insufficient budget.

He also promised low-interest mortgage loans and jeonse loans for first-time homebuyers and newlyweds. First-time homebuyers will be provided with low-interest mortgage loans up to 300 million KRW for 3 years, and newlyweds will receive loans up to 400 million KRW for 3 years.

Additionally, as part of low birthrate countermeasures, the low-interest loan period will be extended up to 5 years if newlyweds have children.

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