"Using My Taxes to Give Money to Foreign Youth?"... Petition Opposing Foreign Support in 'Cheongnyeon Hope Savings'

Petitioner: "Since when did we start taking care of foreign youth... Is there tax money for that?"

The 'Youth Hope Savings Account,' which offers an effective annual interest rate of around 10%, was launched on the 21st through a five-day subscription system at Kookmin, Shinhan, Hana, Woori, Nonghyup, Industrial, Busan, Daegu, Gwangju, Jeonbuk, and Jeju banks. [Image source=Yonhap News]

[Asia Economy Reporter Heo Midam] Controversy has arisen as it was revealed that foreign residents living in Korea are included among the beneficiaries of the 'Youth Hope Savings' program, which the government operates to help middle- and low-income youth build assets. Some argue that benefits should be prioritized for citizens of the country.

On the 24th, a petition titled 'South Korea's Youth Hope Savings Giving All the Money to Foreigners' was posted on the Blue House's public petition board. As of 9 PM on the 25th, the petition had received over 3,830 signatures.

The petitioner, who identified herself as a 34-year-old office worker, opened by saying, "While people in their 20s receive government money through programs like 'Tomorrow Filling' and leave work on time, I worked overtime every day earning minimum wage."

She continued, "I think it's great that wages are rising and youth support is being provided," but criticized, "Should I be giving money to foreign youth with the taxes I pay? The youth who actually pay taxes don't even receive support."

She lamented, "While Chinese people around me take out 100% loans to do 'gap investment' and spend the profits on luxury, what do those of us who work ourselves to the bone get?" 'Gap investment' refers to buying a house using the jeonse deposit as collateral.

Furthermore, she questioned, "Since when has our country taken care of foreign youth? Do we have taxes for that? While small business owners and people in their 30s and 40s work themselves to death, money is given to foreign youth. Does that make sense?"

Photo by Blue House, screenshot of the National Petition Board.

Meanwhile, the Youth Hope Savings is a financial product that provides tax-exempt benefits and savings incentives to help middle- and low-income youth build assets. Eligible applicants are youth aged 19 to 34 with income. Individuals who meet the personal income criteria of having a total salary of 36 million KRW (comprehensive income of 26 million KRW) or less during the previous tax period (January to December 2021) can apply.

However, until the income for the previous tax period (January to December 2021) is confirmed, eligibility and the possibility of enrollment are determined based on income from the year before last (January to December 2020). Since the income for the previous tax year will be confirmed in July, those who wish to enroll and have income starting from 2021 will only be able to join after July.

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