Naju-si Recruiting Applicants for the 'Youth Hope Stepping Stone Savings Account Project'

[Naju=Asia Economy Honam Reporting Headquarters Reporter Kim Yukbong] Naju City, Jeollanam-do announced on the 28th that it will recruit applicants for the 2022 ‘Youth Hope Stepping Stone Account’ project from the 2nd to the 20th of next month to help local youth prepare for the future and build stable assets.

The Stepping Stone Account is a savings support project aimed at helping youth in the province establish a foundation for independence in employment, entrepreneurship, housing, marriage, and education. Youth with income below a certain standard who save 100,000 KRW monthly for 36 months will receive an additional 100,000 KRW monthly contribution.

If 100,000 KRW is saved monthly, the total accumulated amount at maturity will be 7.2 million KRW (interest excluded).

The city plans to select and support 59 beneficiaries this year in cooperation with Jeollanam-do.

Eligibility requires youth aged between 18 and 39, residing with a registered address in Naju City as of the announcement date, and working or running a business within the province.

For workers, regardless of employment type such as regular, temporary, or daily workers, they must have at least 3 months (90 days) of work experience within the last 6 months prior to the announcement date.

Business owners must have opened their business at least 6 months before the announcement date, operated it for more than 3 months, and have a household income recognized as 120% or less of the median income, meeting all these conditions.

However, participants or beneficiaries of the Ministry of Health and Welfare’s asset formation support project, Ministry of Employment and Labor’s Youth Tomorrow Savings Deduction, Ministry of SMEs and Startups’ Youth Employee Tomorrow Savings Deduction, and employees of national, local governments, or public institutions are excluded from applying.

Applications can be submitted by visiting the administrative welfare center of the applicant’s jurisdiction with the required documents posted on the city hall website (notices and announcements) within the application period.

If the applicant cannot visit in person, a proxy with a power of attorney may apply on their behalf.

A city official said, “We hope this will be a stepping stone for local youth who work diligently to prepare for a stable future and build basic assets.”

Naju=Asia Economy Honam Reporting Headquarters Reporter Kim Yukbong bong2910@asiae.co.kr

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