Saving 150,000 KRW Annually for 3 Years, 5.4 Million KRW Saved... Youth Account Returning '10.8 Million KRW + Interest'

Significant Relaxation of Support Obligor Asset Requirements Starting This Year
Total of 7,000 Selected...Last Year's Competition Rate Was 2.43:1

Seoul City will start recruiting subscribers for the 'Hope Double Youth Account,' which returns double the principal savings, from the 2nd. Photo by Pixabay

[Asia Economy Intern Reporter Kim Se-eun] The Seoul Metropolitan Government will recruit participants for the 'Hope Double Youth Account,' which doubles the savings of 5.4 million KRW saved over three years, starting tomorrow.

The recruitment period is from the 2nd to the 24th, with a total of 7,000 participants to be selected. The core of the program is that if participants save a fixed amount monthly for three years, Seoul City will support 100% of the saved amount by mobilizing its budget and citizen donations.

Participants can choose to save either 100,000 KRW or 150,000 KRW per month, and the contract period can be selected between two and three years.

If a participant chooses to save 150,000 KRW monthly for three years, they will receive a total of 10.8 million KRW plus interest, which includes their own savings of 5.4 million KRW and the same amount supported by Seoul City. For the 100,000 KRW option, the total amount will be 7.2 million KRW plus interest.

For the two-year saving period, choosing 100,000 KRW results in a total of 4.8 million KRW plus interest, and choosing 150,000 KRW results in 7.2 million KRW plus interest.

The eligibility criteria are: △ registered resident within Seoul △ aged 18 to 34 △ currently employed with a monthly income of 2.55 million KRW or less △ income of dependents such as parents and spouse below 100 million KRW annually (pre-tax monthly average of 8.34 million KRW), and assets below 900 million KRW.

This year, the criteria for dependents such as parents and spouse have been significantly relaxed. Previously, the dependent's income had to be 80% or less of the median income.

Participants must continuously reside in Seoul during the saving period and must work and save (deposit the savings amount) for at least 50% of the saving period to receive the support funds. Additionally, they must complete financial education at least once a year during the saving period.

Last year, the competition rate was 2.43:1, with 17,034 applicants competing for 7,000 spots.

Applications can be submitted by visiting the local community service center with the application form and required documents. Postal and email submissions are also accepted.

The final selection will be made on October 14 after document screening, income and asset investigation, and credit checks. Participants will begin their first savings in November.

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