Accumulated 510,000 Youth Leap Accounts... Average Monthly Payment 565,000 KRW

The cumulative number of subscribers to the 'Cheongnyeon Doyak Account,' introduced by the government to promote asset formation among young people, has surpassed 500,000. The average monthly payment by subscribers was 565,000 won, and the government contribution per subscriber averaged 21,000 won per month.

On the 15th, the day the 'Youth Leap Account,' which allows you to save up to 50 million won by depositing 700,000 won monthly for 5 years, was launched, counselors at the Youth Leap Account Non-face-to-face Consultation Center in Jung-gu, Seoul, were providing consultations. Photo by Kang Jin-hyung aymsdream@

On the 29th, the Financial Services Commission announced that as of the 27th, the cumulative number of Cheongnyeon Doyak Account subscribers reached 510,000. This comes just over half a year after the Financial Services Commission and the Korea Inclusive Finance Agency, together with 11 domestic partner banks, launched the Cheongnyeon Doyak Account in June.

According to the Financial Services Commission, the number of applicants for the Cheongnyeon Doyak Account this month was 91,000, with 32,000 accounts opened. The cumulative number of applicants from June to December was 1,369,000 (excluding re-applicants).

The average monthly payment of Cheongnyeon Doyak Account subscribers was 565,000 won as of the end of November, which is 80.7% of the monthly payment limit (700,000 won). The government contribution paid monthly per subscribing youth averaged 21,000 won (up to 24,000 won). Additionally, the cumulative number of young people who terminated their accounts early was 23,000 as of the end of October.

The Cheongnyeon Doyak Account will continue to operate in the new year. Among the young people who applied for subscription this month, those confirmed as eligible after the verification process will be able to open accounts from the 2nd to the 12th of next month.

Meanwhile, starting next year, due to amendments to the Restriction of Special Taxation Act, the tax-exempt status will be determined based on the income of the tax period two years prior to the subscription date if the income for the most recent tax period before the subscription (account opening) is not yet finalized.

Furthermore, young people with no income in the most recent tax period (or the one before that if not finalized) who received parental leave pay or allowances will be eligible to subscribe to the Cheongnyeon Doyak Account. The Financial Services Commission stated, "Together with partner banks, we plan to operate the subscription process for the Cheongnyeon Doyak Account stably next year so that young people can build assets over the mid to long term. We will continue to listen to the voices of youth and seek development directions in cooperation with related ministries and institutions."

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