Hwaseong City to Provide 1 Million Won "Youth Tomorrow Support Fund" to Young SME Workers

City Allocates Own Budget to Address Youth Income Gap, Program Launches in April
Mayor Myunggeun Jeong: "We Will Be a Pillar So Young People Can Put Down Roots in the Community"

Hwaseong City in Gyeonggi Province will provide 1 million won in support funds to young workers at small and medium-sized enterprises to address the income gap among youth.

On January 28, Hwaseong City announced that starting in April, it will provide up to 1 million won per year in "Youth Tomorrow Support Fund" to 200 young employees working at small and medium-sized enterprises.

Hwaseong City in Gyeonggi Province will provide up to 1 million won in "Youth Tomorrow Support Fund" to 200 workers at small and medium-sized enterprises starting in April to address the income gap among young people. Mayor Myunggeun Jeong of Hwaseong City is seen talking with young people at the "Youth Employment Support Center" performance report meeting held in December last year. Provided by Hwaseong City

This initiative aims to narrow the wage gap between large corporations and small and medium-sized enterprises, help stabilize young people's incomes, and encourage long-term employment so that skilled workers can settle in the region. The city has allocated a total budget of 202 million won to fund this program independently.

Eligible recipients are young people aged 19 to 39 who are registered residents of the city, have worked at a local small or medium-sized enterprise for at least six months, and whose income is at or below 140% of the median income. The support fund will be provided in the form of local currency.

The city will provide an initial payment of 500,000 won to those who have worked for six months, and an additional 500,000 won if they remain at the same company for another six months or more.

Applications will be accepted in April through the "Jobaba Apply" system operated by the Gyeonggi Job Foundation. After reviewing documents and verifying eligibility, recipients will be selected in order of lowest income.

The city explained that it decided to launch the program early in order to proactively reflect President Lee Jaemyung's policy direction, which aims to reduce the gap between large corporations and small and medium-sized enterprises, as stated in his New Year's press conference on January 21.

Previously, during his tenure as mayor of Seongnam, President Lee introduced the "Youth Basic Income" program, which provided 1 million won per year in local currency to 24-year-olds in the region, paid in quarterly installments of 250,000 won.

A city official stated, "As of 2023, Hwaseong is the largest industrial city in Gyeonggi Province, with approximately 121,189 businesses. We have tailored the central government's policy direction to fit the youth employment structure of Hwaseong, reflecting the unique characteristics of the region."

The city also emphasized that by providing the support fund in local currency, it aims to create a virtuous economic cycle in which young people's income is spent within the local economy.

Mayor Myunggeun Jeong of Hwaseong stated, "The Youth Tomorrow Support Fund is a message of solidarity from the city to both young people working hard at small and medium-sized enterprises and to small business owners who support the local economy. We will continue to create an environment where young people can put down roots in Hwaseong and serve as a strong pillar for them."

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