Recruitment of New Subscribers for the 'Youth Tomorrow Savings Account' Supporting Youth Asset Formation
The Mapo District of Seoul announced that it is recruiting new subscribers for the 'Youth Tomorrow Savings Account' until the 21st of this month to support asset formation and independence for low-income youth.
This program is an asset formation support project that allows youth to save up for a lump sum and accumulate up to three times their personal savings for the assets needed for independence.
The target participants are working youth aged 19 to 34 whose income falls between 50% and 100% of the median income.
If they save between 100,000 to 500,000 KRW per month, the government will provide an additional monthly subsidy of 100,000 KRW.
Upon maturity after three years, with a personal savings amount of 3.6 million KRW, they can receive a total of 7.2 million KRW in accumulated funds and interest from their savings.
Especially, for those who are recipients of basic living allowances and are part of the low-income bracket, the age range is expanded from 15 to 39, and the government subsidy is increased to 300,000 KRW per month.
In this case, upon maturity after three years, with a personal savings amount of 3.6 million KRW, they will receive a total of 14.4 million KRW and interest from their savings.
Attention is being drawn to it as a practical support measure for youth independence.
To receive the government subsidy, participants must meet requirements such as consistent employment for three years, personal contribution to savings, and completion of 10 hours of capacity-building education.
Applications can be made through the Welfare portal or at local community centers in their district.
Park Kang-soo, the head of Mapo District Office, stated, "The Youth Tomorrow Savings Account can provide practical help to young people struggling with asset formation," and added, "I hope this program enables youth to proactively plan and pursue their own future."
Since its launch in 2022, a total of 120,000 people have enrolled in this program, and this year an additional 40,000 new subscribers are expected to be recruited. Notably, this year marks the fourth year of the program, and the first maturity withdrawals are anticipated, drawing attention.
Lee Se-ran, Director of Social Welfare Policy at the Ministry of Health and Welfare, stated, "In this fourth year of the program, we expect the first maturity withdrawal from the Youth Tomorrow Savings Account," adding, "We will support them in nurturing their future dreams based on the maturity benefits."
Particularly, for young individuals living alone, there is a high possibility of meeting the income criteria, which may draw their interest.
However, the current application site is experiencing congestion due to the high number of users, so it is advisable for interested youth to keep this in mind.
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