Gyeonggi-do Supports 200,000 KRW for Out-of-Home Youth Saving 100,000 KRW Monthly

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province is publicly recruiting 40 participants for the second half of the Youth Self-Reliance Double Savings Account program by next month 16 to help the economic independence of "out-of-home youth" living in youth welfare facilities.

The Youth Self-Reliance Double Savings Account is a system where if a youth saves 10,000 to 100,000 KRW monthly for two years, the province adds twice the saved amount (up to 200,000 KRW) as a matching contribution.

If a youth saves 100,000 KRW, the province supports with 200,000 KRW, allowing a total monthly saving of 300,000 KRW. The two-year saving period can be extended up to twice, so saving for six years can accumulate a principal of 21.6 million KRW (7.2 million KRW saved by the youth and 14.4 million KRW in support funds) plus the corresponding interest, creating a substantial fund.

Applicants must be residents of Gyeonggi Province aged between 15 and 24 who have lived in a youth shelter for at least one year or have left after residing, or youths who have lived for at least six months and received support for at least six months at a Youth Self-Reliance Support Center. However, those currently participating in or who have received support from similar asset-building programs run by the central government or local governments are excluded from eligibility.

Those wishing to apply must submit their application through the youth shelter they currently reside in (or the last youth shelter they stayed at) or the Self-Reliance Support Center to the relevant city or county office by next month 16.

The province will conduct document screening and announce the final selected participants on next month 25.

Selected youths must visit the Gyeonggi Southern Self-Reliance Support Center (Gunpo City) or the Gyeonggi Northern Self-Reliance Support Center (Uijeongbu City) on next month 26-27 to sign the agreement. The saved funds can be used for purposes such as tuition, technical qualifications and employment training, start-ups, housing, medical treatment, and marriage to help youths establish stable independence in society.

Lee Hwa-jin, Director of the Lifelong Education Bureau of the province, said, "Economic independence is most important for out-of-home youths to establish stable self-reliance," and promised, "We will actively support so that as many youths as possible can apply and receive help."

Meanwhile, out-of-home youths are those who have left their homes due to family conflict, abuse, neglect, etc., and live in youth welfare facilities. They can leave the facility at any time according to their will. However, they must leave compulsorily upon turning 24, making cash support benefits for independence after leaving the facility urgently needed.

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