Sejong-si Supports Youth Asset Building... "3 Years of Savings, Payout Doubled"

[Asia Economy (Sejong) Reporter Jeong Il-woong] Sejong City supports asset formation for local youth through the ‘Sejong Youth Savings Program’.

According to the city on the 3rd, the program is implemented so that local youth who are employed or self-employed save 150,000 KRW monthly for three years, and the city matches the same amount, paying a total of 10.8 million KRW plus interest at maturity.

Youth participating in the program will save a total of 5.4 million KRW over 36 months by depositing 150,000 KRW monthly, but the actual amount received at maturity includes the city’s 5.4 million KRW support plus accrued interest (3.3% annual rate as of May 3).

The city plans to accept applications from May 16 to 20 and select a final group of 100 youth participants by mid-next month.

Applicants must be youth aged 19 to 34 who have continuously resided in Sejong for at least six months as of the announcement date and are employed or self-employed.

However, only those who are insured employees or regional subscribers under health insurance and meet the criteria of 120% or less of the median income can apply, and those who have received support from similar asset formation programs operated by national or local governments are not eligible.

Similar asset formation programs include ▲ Ministry of Employment and Labor’s ‘Youth Tomorrow Savings Deduction’ ▲ Ministry of SMEs and Startups’ ‘Youth Worker Tomorrow Savings Deduction’ ▲ Ministry of Unification’s ‘Future Happiness Account’ ▲ Ministry of Health and Welfare’s ‘Youth Tomorrow Savings Account’ (scheduled for recruitment in the second half of this year).

Youth finally selected for the program must open an account non-face-to-face within two weeks from the notification date and deposit 150,000 KRW monthly starting from the first month.

For more detailed information on the program schedule and application procedures, please refer to the announcement posted on the city’s website and the Sejong Youth Hope Tomorrow Center website, or contact the Sejong Youth Hope Tomorrow Center for guidance.

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