Applications for ‘Youth Tomorrow Savings Account’ – a government initiative to support young people suffering from difficult financial status to save up a large sum of money starts on Monday. This is a program that the participants deposit 100,000 won every month for three-year period, and the government subsidizes additional amount in the account so the bank account owner can accumulate larger sum at the end.
This project is for people aged 19-34 with a job at the time of application, and they need to meet other criteria, including the applicant’s income, the applicant’s household income and the assets size of the household. The applicant’s monthly income from employment or business should be between over 500,000 and two million won and under, and the household income should be under medium income level (as of 2022, 5.121 million won for a household of four). For household assets, the cap has been put on 350 million won for those in large cities, 200 million won for small and medium sized cities, and 170 million won for farming and fishing regions.
When the participants deposit 100,000 won every month, the government deposits the same amount to the account, making a total of 200,000 won saved up per month. In three years, the account holders will receive 7.2 million Won. If they are a beneficiary for Basic Livelihood Support Program or belong to the next lowest income bracket, the government offers 300,000 won instead of 100,000 won so the participants can have a total of 14.4 million won reserved in three years.
Application to the program is available by Aug. 5 via the webpage of Bokjiro or Community Service Center of the participant’s residence.