Incheon City to Recruit 700 Young Account Holders for '10 Million Won Lump Sum Support' Program

[Asia Economy Reporter Park Hyesook] Incheon City is recruiting applicants for the 'Dream for Youth Account' until the 29th, targeting young employees working at small and medium-sized enterprises and mid-sized companies in the region.

This account provides a total of 10 million KRW by adding Incheon City's support fund of 6.4 million KRW to the savings of 100,000 KRW per month over three years by young workers.

The city introduced this program in 2019 to support long-term employment and lump-sum savings for young workers, and plans to support 700 people this year.

Eligible applicants are young workers aged 39 or younger residing in Incheon who have been employed for more than one year at small and medium-sized manufacturing companies or knowledge service industries located in Incheon. Additionally, applicants must meet the requirements of working at least 35 hours per week, being enrolled in the four major social insurances, and having an annual salary of 35 million KRW or less as regular employees.

Especially this year, the eligibility criteria have been significantly relaxed to allow more young people to benefit.

The required employment period has been lowered from two years to one year, and the annual salary limit has been raised from 28 million KRW (120% of median income) to 35 million KRW (150% of median income).

The application period is until the 29th, and those interested can apply online through the Incheon Youth Social Advancement website.

The city plans to announce the final selected candidates on June 10 after document screening.

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