Daejeon City Recruiting for "Future Double Youth Savings Account" to Double Young Workers' Assets

Save 150,000 Won Monthly
Receive Up to 7.2 Million Won in Principal Plus Interest After Two Years

Daejeon City Hall Exterior View (Photo by Mo Seokbong)

The Daejeon city government is recruiting applicants for the "Future Double Youth Savings Account" to support asset building for young workers who are diligently working in the region.

The application period runs from October 20 to October 31, and this year, the number of participants has been significantly expanded to 1,500.

The Future Double Youth Savings Account is a program that was revised and improved from the Youth Hope Savings Account in 2022. Under this scheme, selected young people who save 150,000 won per month for two years will receive matching contributions from the Daejeon city government for the same amount.

Upon maturity, participants can accumulate a principal of 7.2 million won, combining their own savings of 3.6 million won and the city’s contribution of 3.6 million won. In addition, preferential interest will be added, allowing participants to receive a substantial lump sum payout.

Last year, 15,054 people applied for 1,000 available spots, resulting in intense competition. Selection criteria include income, length of residence in Daejeon, and age, and the final results will be announced on December 26.

Eligible applicants are young people born between January 1, 1985, and December 31, 2007, who are registered residents of Daejeon and are either working or running a business in the city, with an income at or below 140% of the median. Applicants must also maintain at least 30 hours of work per week and submit supporting documents such as an employment and wage verification statement.

Applications can be submitted online through the Future Double Youth Savings Account website. Detailed eligibility requirements and necessary documents can be found in the announcement posted on the city’s official website, the Daejeon Youth Portal, and the Future Double Youth Savings Account website.

Lee Jangwoo, Mayor of Daejeon, stated, "The Future Double Youth Savings Account is a core initiative to boost the work motivation of young people in our region and help them build a foundation for independence. As the number of participants has been greatly increased, we hope that many hardworking young people will show interest and participate."

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