Gyeonggi-do Provides 200,000 KRW Support for 'Out-of-Home Youth' Saving 100,000 KRW Monthly

Gyeonggi Provincial Government

Gyeonggi Province is recruiting 84 participants by the 21st for the 'Youth Self-Reliance Double Savings Account' to help economically independent 'out-of-home youth' who do not receive family protection.

The Youth Self-Reliance Double Savings Account is a program where if the youth save between 10,000 to 100,000 KRW monthly for two years, Gyeonggi Province will add twice the saved amount (up to 200,000 KRW) as additional savings.

If the maximum amount of 100,000 KRW is saved, Gyeonggi Province will support 200,000 KRW, allowing a total of 300,000 KRW to be saved monthly.

The two-year savings period can be extended up to two times, so after six years of saving, the participant can accumulate a lump sum of 21,600,000 KRW, including 7,200,000 KRW of their own savings and 14,400,000 KRW in support funds.

The saved funds can be used for purposes that help youth establish stable independence in society, such as tuition fees, technical qualifications and employment training, start-ups, housing, medical treatment, and marriage.

Eligible applicants are residents of the province aged between 15 and 24 who have lived in a youth shelter for more than one year or have left after residing there, or youth who have lived for more than six months and received support for more than six months at a youth self-reliance support center.

Applications can be submitted from the 5th to the 21st of this month by preparing the relevant documents and applying at the youth shelter where the applicant currently resides.

Youth who have left the shelter can apply at the last youth shelter they resided in or at the self-reliance support center where they are currently receiving support.

Lee Mungyo, Director of the Youth Division of Gyeonggi Province, stated, "In 2022, the Self-Reliance Double Savings Account project was implemented nationwide for the first time, with 116 youth from Gyeonggi Province participating," and added, "We hope many youth apply and receive help in establishing a foundation for independence."

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