Youth Savings Account Amount Doubled! Hope Doubled Too!

Gwangjin-gu to Recruit 430 Participants for the ‘2023 Hope Double Youth Account’

Youth aged 18 to 34 residing in Gwangjin-gu, currently employed or with work experience

Save 100,000 KRW or 150,000 KRW monthly for 2 or 3 years and receive matching support equal to the saved amount

Applications accepted until the 23rd by visiting the local community service center, mail, or email

Gwangjin-gu (Mayor Kim Kyung-ho) is recruiting participants for the ‘2023 Hope Double Youth Account’ until the 23rd.

The ‘Hope Double Youth Account,’ which supports asset formation for youth residing in Seoul, helps young people build a foundation for independence in housing, marriage, education, and entrepreneurship by encouraging the habit of saving a portion of their income.

Participants who save 100,000 KRW or 150,000 KRW monthly for 2 or 3 years will receive an amount equal to their savings from Seoul City and citizen donations. Additionally, if savings are made monthly, participants can earn separate interest.

Applicants must meet all five eligibility criteria.

The criteria are ▲Seoul resident ▲Aged between 18 and 34 (born between January 1, 1988, and December 31, 2005) ▲Currently employed or with at least 3 months of work experience within one year prior to the announcement date (between May 22, 2022, and May 21, 2023) ▲Monthly pre-tax income of 2.55 million KRW or less ▲Support obligor’s annual income under 100 million KRW and assets under 900 million KRW. However, applicants receiving livelihood, medical, housing, or education benefits, those unable to open a bank account in their name, or those engaged in socially unacceptable industries such as luxury, entertainment, gambling, or speculative businesses are ineligible.

Also, those who have participated in similar asset formation support programs, are currently receiving Seoul Youth Allowance or Youth Monthly Rent Support, are working student employees, or are in mandatory military service are also ineligible.

This year, Seoul City will recruit a total of 10,000 participants, with 430 opportunities available in Gwangjin-gu.

Youth wishing to participate should prepare the required documents and any additional documents if applicable, and apply by visiting their local community service center or via mail or email.

The list of required documents, forms, and contact information for the community service center staff, including mailing and email addresses, can be found on the Gwangjin-gu website. For further details, contact the Welfare Policy Division of Gwangjin-gu Office.

The district will select final participants after up to two rounds of screening based on eligibility and evaluation criteria. The final list of participants will be announced on October 13 on the Seoul Welfare Foundation or Seoul City Asset Formation Support Project websites.

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