The Anti-Corruption and Civil Rights Commission: "Military Service Period Should Be Excluded from the Re-enrollment Deadline for the Youth Tomorrow Employment Deduction"
Ministry of Employment and Labor, Promotes Revision of Enforcement Guidelines
[Asia Economy Sejong=Reporter Son Seon-hee] If a young person's Youth Tomorrow Savings (Youth Savings) is terminated early due to a company's temporary closure or business suspension, they can re-enroll within 12 months. However, the related guidelines will be revised to exclude the 18-month military service period from this calculation.
On the 24th, the Anti-Corruption and Civil Rights Commission announced that it expressed its opinion to the Ministry of Employment and Labor to revise the Youth Savings implementation guidelines accordingly. This is to address the issue where young people miss the opportunity to re-enroll in the Youth Savings due to military service. The Ministry of Employment and Labor plans to revise the related implementation guidelines by accepting the Commission's opinion.
The Youth Savings system is a program where youth, companies, and the government jointly contribute to support young people's asset formation by encouraging long-term employment at small and medium-sized enterprises. If a young person resigns or the company temporarily closes or suspends business during enrollment, the savings are terminated early. However, if the early termination is due to the company's fault such as temporary closure or business suspension, re-enrollment within 12 months is allowed.
However, for young people about to enlist in the military, re-enrollment within 12 months was practically impossible due to the military service period. Therefore, the Commission recommended excluding the military service period from the calculation of the re-enrollment period for Youth Savings.
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Lim Gyu-hong, the Grievance Review Officer, said, "Even young people whose Youth Savings were terminated early due to the company's fault will be able to re-enroll while fulfilling their military service obligations, which is expected to contribute to young people's asset formation and promote employment at small and medium-sized enterprises." He added, "We will continue to actively work to improve unreasonable systems in daily life."
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