Chungnam, Recruiting New Subscribers for 'Youth Tomorrow Savings'

[Asia Economy (Hongseong) Reporter Jeong Il-woong] Chungnam Province is recruiting new subscribers for the Youth Tomorrow Savings Account.

According to the province on the 12th, the Youth Tomorrow Savings Account helps young people with a monthly income of 2 million KRW or less save at least 100,000 KRW per month through work activities. The government additionally deposits 100,000 KRW per month (300,000 KRW for youth from basic livelihood security and near-poverty households) for up to 3 years, enabling account holders to accumulate a lump sum.

Applications are accepted from the 18th of this month to the 5th of next month. Eligible applicants are youth aged 15 to 39 who meet the monthly earned or business income criteria, with household income at or below 100% of the median income (5,121,080 KRW for a four-person household), and household assets below 350 million KRW in metropolitan areas, 200 million KRW in small and medium cities, and 170 million KRW in rural areas.

To receive the full government support, applicants must continue working for 3 years while saving at least 100,000 KRW monthly, complete 10 hours of self-reliance capacity education, and submit a fund usage plan.

The province plans to recruit up to 3,437 new participants this year. Applications can be submitted via Bokjiro according to the applicant’s birthdate. In-person applications are possible at the resident centers in the applicant’s local town or township.

For Bokjiro applications, youth whose birthdate ends in 1 or 6 can apply on Mondays (18th, 25th), those ending in 2 or 7 on Tuesdays (19th, 26th), those ending in 3 or 8 on Wednesdays (20th, 27th), those ending in 4 or 9 on Thursdays (21st, 28th), and those ending in 5 or 0 on Fridays (22nd, 29th).

If unable to apply within the period, additional applications are accepted from the 1st to the 5th of next month.

Jung Myung-ok, Director of the Social Welfare Division of the province, said, “We will strive to make the Youth Tomorrow Savings Account program a stepping stone for economically struggling local youth to realize their dreams of settling in society.”

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