Woori Bank Launches Youth Fund with 'Income Deduction Benefits'

For Young Adults Aged 19 to 34... Sales Until December This Year
Up to 40% Contribution Deduction for Income Tax, Maximum 5 Years

Woori Bank announced that it will start selling the Youth Long-term Collective Investment Securities Savings (Youth Long-term Fund), which provides income tax deductions on contributions, on the 20th.

In line with the purpose of supporting youth asset formation and long-term investment, four types have been launched considering various investment preferences: active type, passive type, thematic stocks (IT sector), and mixed stocks and bonds type.

Subscribers can receive an income tax deduction of 40% of the contribution amount for up to 5 years from the subscription date, within a combined maximum limit of 6 million KRW across all financial institutions. If the subscription is canceled within 3 years from the subscription date, the deducted amount will be taxed as income tax.

The Youth Long-term Fund, which is temporarily sold until the end of this year, targets young people born between 1989 and 2004 (aged 19 to 34) with a total salary of 50 million KRW or less or a comprehensive income amount of 38 million KRW or less. However, for young people who have fulfilled their military service obligations, the service period (up to 6 years) is deducted when calculating age.

Subscriptions are available at branch counters or through Woori Bank’s application ‘Woori WON Banking,’ and an ‘Income Verification Certificate (for Youth Long-term Collective Investment Securities Savings subscription and tax special case application)’ issued by the National Tax Service Hometax is required.

A Woori Bank official stated, “We plan to closely analyze the financial trends of the youth and additionally launch fund products targeting the youth in the future.”

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