Gwangju Youth Receive 10 Million Won Lump Sum for Saving 5 Million Won

City to Recruit 300 Participants for “Youth Job Savings Program” Starting from the 4th
Joint Contributions by Companies and City...
Promoting Long-Term Employment and Local Settlement

Gwangju-Type Youth Job Savings Project Poster. Provided by Gwangju City

The city of Gwangju announced that it will begin recruiting 300 young participants starting from the 4th for the “Gwangju Youth Job Savings Program,” in which if a youth saves 5 million KRW over two years, both the company and the city of Gwangju will each contribute 5 million KRW, resulting in a total of 10 million KRW.

This savings program was established to promote long-term employment and local settlement of young employees at local small and medium-sized enterprises (SMEs) through financial support, as well as to encourage unemployed youth to join local SMEs. Over two years, the youth saves 5 million KRW, the company contributes 2 million KRW, and Gwangju City adds 3 million KRW, so that upon maturity, the youth receives a total of 10 million KRW.

Launched as a new initiative in June last year, the job savings program currently has 200 young employees from 72 SMEs participating. This year, the program will be expanded with a city budget of 860 million KRW, recruiting an additional 300 young people to support a total of 500 youth employees.

Eligible applicants are Gwangju youth aged 19 to 39 (with monthly salaries at or below 150% of the median income) who are employed as regular workers at Gwangju-based SMEs with at least five employees covered under employment insurance as of the application date. However, those currently participating in or benefiting from asset-building support programs run by the government or local authorities are excluded.

To apply, companies wishing to participate should submit an application, including the youth's application form, through the Gwangju Youth Integrated Platform. After reviewing the applicant's income and the company's eligibility, selected participants will be notified individually via text message and other means.

The city plans to give additional points to companies participating in the job savings program when selecting “Gwangju Excellent Job Companies.” In addition, in connection with the “Workplace Adaptation Support Program,” educational benefits on youth-friendly organizational culture for CEOs and managers, as well as workplace adaptation support for new employees, will be provided. The company’s contribution for this program can be recognized as an expense. More details can be found on the Gwangju City website or the Gwangju Youth Integrated Platform.

Kwon Yoonsook, Director of Youth Policy, stated, “The Gwangju Youth Job Savings Program supports both career and asset formation for young people working at local SMEs, while also helping companies secure talent. We will strive to operate the program in a way that provides more practical help to more youth through this year’s expansion.”

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