Saving 100,000 KRW Monthly for 3 Years → Receive 14.4 Million KRW... Daegu City Recruiting Low-Income Youth Savings Subscribers

by Gu Daeseon

Published 30 Apr.2023 10:21(KST)

Updated 07 Aug.2025 13:37(KST)

Exceeding the Second-Lowest Income Bracket Receives 7.2 Million Won Payment

Daegu City is recruiting new subscribers for the ‘Youth Tomorrow Savings Account’ from May 1 to 26 to provide a stable economic activity foundation and strong social support for working low-income youth.

Eligible applicants are youth with earned income or business income. Youth with less than 50% of the median income or below the near-poverty line who save 100,000 KRW monthly will receive 300,000 KRW per month from the government, resulting in a total of 14.4 million KRW (including 3.6 million KRW of personal savings) plus interest after 3 years.

Additionally, youth with income exceeding 50% but less than or equal to 100% of the median income and above the near-poverty line who save 100,000 KRW monthly will receive 100,000 KRW per month from the government, resulting in a total of 7.2 million KRW (including 3.6 million KRW of personal savings) plus interest after 3 years.

Youth Tomorrow Savings Account Enrollment Schedule.

To receive the full government support, subscribers must continue working and save at least 100,000 KRW monthly for 3 years after enrollment. They must also complete 10 hours of online education on the asset formation portal and submit a fund usage plan 6 months before maturity.

Started in 2022 and now in its second year, the Youth Tomorrow Savings Account has significantly improved its eligibility criteria compared to last year by raising the income threshold for working youth from 2 million KRW to 2.2 million KRW per month. For youth households living separately from their parents or original households, only the income and assets of the youth household are assessed, excluding those of the parents or original household, thereby expanding the support target.

Youth wishing to apply can visit any nearby administrative welfare center within their district or county during the application period. From May 15, applications can also be submitted through ‘Bokjiro,’ the welfare portal site operated by the Ministry of Health and Welfare.

To facilitate smooth on-site registration, a birthdate-based 5-day rotation system will be implemented during the first two weeks (May 1?12). The selection results will be notified individually via text message in August after income and asset investigations of the youth and their household members are conducted.

Daegu City Dongin-dong Office Building.

Jung Eui-gwan, Director of the Daegu City Welfare Bureau, said, “This program will serve as a solid stepping stone for youth facing difficulties due to the overall employment and economic downturn to save a lump sum and achieve independence,” and added, “We encourage many working youth to apply.”