Seoul City Opens Recruitment for New Participants in Youth Severe Disability Irum Savings Account... Additional Monthly Deposit of 150,000 KRW for 3 Years

Recruitment and Selection of 700 Severely Disabled Youth Aged 15-39 with Severe Disabilities
Monthly Matching Support of 150,000 KRW for 3 Years When Choosing Savings of 100,000, 150,000, or 200,000 KRW

[Asia Economy Reporter Lim Cheol-young] The Seoul Metropolitan Government announced on the 1st that it will recruit 700 new participants for the ‘Irum Savings Account’ starting from the 2nd to help young adults with severe disabilities prepare for adulthood and secure funds for independence.

First launched in 2018, the ‘Irum Savings Account’ is a program implemented to help young adults with severe disabilities who have difficulty working to save funds for independence. Seoul is the first city in the nation to implement this program, which is now in its fifth year.

With the ‘Irum Savings Account,’ participants choose a fixed monthly savings amount (100,000, 150,000, or 200,000 KRW), and regardless of the chosen amount, Seoul adds an additional 150,000 KRW monthly. Upon maturity, participants receive up to 12.6 million KRW plus interest, including their own savings.

Since 2018, more than 1,200 people have applied annually, showing strong interest among young adults with severe disabilities, with continuous participation. Including those who matured in 2018, about 2,750 people have participated in savings. Participants who started saving in September 2018 without early termination and reached maturity in October 2021 received support funds, totaling 869 people.

Eligibility requires applicants to be between 15 and 39 years old as of the announcement date, the 2nd of next month, classified as ‘severe disability,’ and have a household income recognized as ‘100% or less of the standard median income.’

The application period is from the 2nd to the 27th, and applicants can apply by visiting their local community service center. After verifying eligibility, participants are selected based on a scoring system, with those scoring highest chosen. The final selection will be announced at the end of August, and savings will begin in September.

Ko Gwang-hyun, Director of the Seoul Metropolitan Government’s Disability Welfare Policy Division, said, “The Irum Savings Account program is a tailored support system to help young adults with severe disabilities who are facing economic difficulties achieve independence.” He added, “We hope that through the Irum Savings Account, more young adults with severe disabilities will find their dreams and hope.”

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