Hoengseong County Recruiting New Participants for the 2025 "Hope Savings Account (1)" Program

Receive a Total of 14.4 Million Won at Maturity
Combining 3.6 Million Won in Personal Savings and 10.8 Million Won in Government Support

Hoengseong County in Gangwon Province (Governor Kim Myunggi) announced that it will begin the third round of recruitment for new participants in the asset-building support program, "Hope Savings Account (1)," for low-income households from September 1 to September 16.

Aerial view of Hoengseong County Office.

The "Hope Savings Account (1)" is a program designed to help households receiving livelihood or medical benefits build assets by matching their monthly savings with government contributions in the form of earned income incentives. Beyond simple financial support, it is a customized welfare policy aimed at poverty alleviation, combining support for employment and entrepreneurship, welfare services, and a reward system to encourage work.

Eligible applicants are households receiving livelihood or medical benefits whose total earned and business income at the time of application is at least 60% of 40% of the median income standard.

The support structure allows participants to save at least 100,000 won per month (up to 500,000 won) for three years, with the government matching 300,000 won per month as an earned income incentive. At the end of the three-year period, participants can receive a total of 14.4 million won, which includes 3.6 million won of their own contributions and 10.8 million won in government support.

However, to receive the full payout at maturity, participants must continue working, make monthly deposits of at least 100,000 won, and meet the requirements to exit from livelihood or medical benefit status.

Households wishing to apply can visit their local township or town administrative welfare center in person during the recruitment period, or apply online through the Ministry of Health and Welfare's "Bokjiro" welfare portal website.

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