Sancheong-gun Expands Support Program for Asset Formation of Basic Livelihood Security Recipients

Support for Lump-Sum Savings and Self-Reliance of Working Low-Income Groups

Sancheong County Office.

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Sancheong-gun, Gyeongnam Province, is recruiting new subscribers for the asset-building support projects ‘Hope Savings Account I, II’ and ‘Youth Tomorrow Savings Account’ until the 19th.

The ‘Asset-Building Support Project’ is a fund-raising support program aimed at helping working basic livelihood security recipients and near-poverty households achieve self-reliance.

Starting this year, the existing five projects have been integrated and reorganized into three, and the ‘Youth Tomorrow Savings Account’ for young people has expanded its support target to those with median income between 50% and 100% or below.

‘Hope Savings Account I’ targets working households receiving livelihood and medical benefits with a median income of 40% or below.

If they save 100,000 KRW monthly for three years, the government provides a support fund of 300,000 KRW, and upon maturity, if they succeed in self-reliance and exit the benefit qualification, they receive up to 14.4 million KRW plus interest.

‘Hope Savings Account II’ targets working recipients of housing and education benefits with a median income of 50% or below, as well as those just above this level.

If they save 100,000 KRW monthly for three years, the government supports 100,000 KRW monthly, and if they fulfill support requirements such as completing 10 hours of self-reliance capacity education and providing proof of using 50% of the support funds by maturity, they receive up to 7.2 million KRW plus interest.

The ‘Youth Tomorrow Savings Account’ varies in enrollment age and support content depending on household median income.

In this first recruitment held in April, only ‘Hope Savings Account I, II’ can be applied for, and applications for the ‘Youth Tomorrow Savings Account’ will be accepted from July after the new project system is completed.

A Sancheong-gun official said, “We are promoting the project monthly to help residents facing difficulties in life increase their motivation to work and to assist in raising lump sums that form the basis of asset building. Starting this year, we have expanded the target group and newly implemented the new account project, so we will actively promote it to ensure support reaches various social classes.”

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