Gyeongnam Province Recruiting Subscribers for Youth Tomorrow Savings Account to Save Lump Sum in 3 Years

Gyeongsangnam-do Province will recruit new applicants for the Youth Tomorrow Savings Account I and II from May 1 to 26 to support the economic independence of low-income youth.

According to Gyeongsangnam-do on the 24th, the Youth Tomorrow Savings Account is one of the asset-building support projects where low-income working youth who continue their work activities save 100,000 to 500,000 KRW monthly, and the government supports them with a monthly earned income incentive of 100,000 to 300,000 KRW along with interest.

Youth Tomorrow Savings Account I targets youth who meet the following criteria: ▲ aged between 15 and 39 at the time of application ▲ monthly earned income or business income of at least 100,000 KRW ▲ household income recognized as 50% or less of the median income standard ▲ household assets of 350 million KRW or less in metropolitan areas, 200 million KRW or less in small and medium-sized cities, and 170 million KRW or less in rural fishing villages.

Account II targets youth who meet the following criteria: ▲ aged between 19 and 34 at the time of application ▲ monthly earned income or business income exceeding 500,000 KRW and up to 2.2 million KRW ▲ household income recognized as exceeding 50% but not exceeding 100% of the median income standard, and who meet the household asset criteria of Youth Tomorrow Savings Account I.

Gyeongnam Provincial Government Office.
Photo by Lee Seryeong

The application period is from May 1 to 26, and detailed information such as eligibility and required documents can be obtained through city/county and eup/myeon/dong administrative welfare centers, Bokjiro, and the Ministry of Health and Welfare call center.

From May 1 to 12, applications can be submitted through administrative welfare centers according to a birthdate-based 5-day rotation system, and from May 15 to 26, applications can be submitted without the 5-day rotation system through administrative welfare centers and Bokjiro.

At the same time, the province plans to invest 14.1 billion KRW this year in the ‘Asset Formation Support Project,’ which integrates work and self-reliance support, to help 10,000 low-income youth avoid falling into poverty and settle stably in society.

Lee Dowan, Director of the Welfare and Health Bureau, said, “This account is a project where consistent savings over three years can result in a lump sum payment,” adding, “We expect it to be a great help for hardworking low-income youth to become self-reliant.”

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