If You Save 150,000 Won Every Month for 2 Years, You Get 7.2 Million Won... 10.8 Million Won Paid for 3 Years of Savings
Gwangjin-gu to Recruit 426 Participants for Hope Double Youth Account
Targeting Working Youth Aged 18-34 Residing in the District...426 Selected Meeting Eligibility Criteria
Applications Accepted June 10-21 at Community Centers or Online, Savings Start in November
Gwangjin-gu (District Mayor Kim Kyung-ho) is recruiting 426 new participants for the ‘2024 Hope Double Youth Savings Account’ to support the economic independence of working youth.
If participants open an account in their own name and consistently save 150,000 KRW each month, they can receive more than double the amount saved. After saving for 2 years, they will receive 7.2 million KRW, and after a 3-year maturity, they will receive 10.8 million KRW plus interest.
The program targets working youth aged 18 to 34 residing in Gwangjin-gu. As of the announcement date (May 20), applicants must have worked for at least 3 months within the past year or currently be employed. Eligibility requires a personal monthly income of 2.55 million KRW (pre-tax) or less, with parents’ or spouse’s annual income below 100 million KRW, and assets under 900 million KRW.
Those wishing to participate can apply from June 10 to 21 at their local community service center or via the Seoul Asset Formation Support Project website. Selected participants will be announced on October 15 after review by the Seoul Welfare Foundation.
Savings can begin in November. However, to receive the full support amount, certain conditions must be met. Participants must save at least once a month for more than 50% of the contract period and maintain employment. Additionally, they must continue residing in Seoul and complete at least one financial education session annually provided by the Seoul Welfare Foundation.
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Kim Kyung-ho, Mayor of Gwangjin-gu, stated, “The Hope Double Youth Savings Account is a support project aimed at helping youth facing economic difficulties build a foundation for independence,” adding, “We hope it will be a great help in preparing funds for marriage, entrepreneurship, and stable housing.”
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