Gwanak-gu Doubles Savings with ‘Euddeum Gwanak Youth Account’ Support
Providing Opportunities for Young Adults Starting Their Careers to Build Assets and Save Lump Sums for Independence
Earn Up to KRW 10.8 Million in Earned Income Tax Credit and Bank Interest with Monthly Savings of KRW 150,000 for Up to 3 Years from the District Office
Gwanak-gu (District Mayor Park Jun-hee) has selected 140 participants for the '2024 Euddeum Gwanak Youth Savings Account' program, which provides economic support to working youth, and held a contract signing ceremony.
The district is the only autonomous district in Seoul that operates a youth savings account program to support young people's asset formation. The program aims to help young people facing financial difficulties due to student loan repayments and housing costs to build assets and achieve independence.
The district selected youth aged between 18 and 34 residing in Gwanak-gu. Participants must meet the criteria for earned income (monthly income below 2.55 million KRW) and the support obligation standards (annual income below 100 million KRW and assets below 900 million KRW).
Youth participating in the Euddeum Gwanak Youth Savings Account program save 150,000 KRW monthly for up to three years, and if they meet conditions such as maintaining employment, the district provides a matching earned income incentive equal to the saved amount.
Participants can receive up to 10.8 million KRW including their savings, plus additional interest provided by Woori Bank, the partner bank.
Since the program began in 2020, the district has selected 520 youth participants. In 2025, the number of youth savings account participants will be expanded to 160 to provide earned income incentives to more young people.
Hot Picks Today
"Stocks Are Not Taxed, but Annual Crypto Gains Over 2.5 Million Won to Be Taxed Next Year... Investors Push Back"
- "Don't Throw Away Coffee Grounds" Transformed into 'High-Grade Fuel' in Just 90 Seconds [Reading Science]
- Signed Without Viewing for 1.6 Billion Won... Jamsil and Seongbuk Jeonse Prices Jump 200 Million Won in a Month [Real Estate AtoZ]
- "Groups of 5 or More Now Restricted"... Unrelenting Running Craze Leaves Citizens and Police Exhausted
- "Even With a 90 Million Won Salary and Bonuses, It Doesn’t Feel Like Much"... A Latecomer Rookie Who Beat 70 to 1 Odds [Scientists Are Disappearing] ③
District Mayor Park Jun-hee said, “We hope the Euddeum Gwanak Youth Savings Account will serve as a ladder to help young people starting their careers build assets and lay the foundation for their dreams.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
