Recruitment of New Subscribers for 'Youth Tomorrow Savings Account' Supporting Youth Asset Formation

Jeju Province announced on the 22nd that it will recruit new subscribers for the 'Youth Tomorrow Savings Account' from the 2nd of next month to assist low-income youth in asset formation. This system features a remarkable benefit where the government provides additional support funds if the youth consistently saves for three years, allowing them to receive a maximum of 10.8 million won in government support when saving 100,000 won per month.

The target applicants are youth aged between 19 and 34 with a household income at or below 100% of the median income standard.

Youth who are recipients of basic livelihood security or belong to the next-to-poor class can apply within a wider age range, from 15 to 39 years old, thereby providing more opportunities for low-income youth.

Differentiated support based on income level for practical asset formation assistance

The government support funds are structured to be distributed differently based on household income levels. Youth with an income at or below 50% of the median income can accumulate 300,000 won monthly, while those with incomes exceeding 50% but at or below 100% can receive government support of 100,000 won monthly.

Specifically, if a youth with an income at or below 50% of the median income saves 100,000 won each month, the government will additionally match that amount by contributing three times that amount—300,000 won monthly. Thus, at the end of the three-year maturity, they will receive a total of 14.4 million won consisting of 3.6 million won in personal savings and 10.8 million won in government support, plus interest. This represents an effective method for low-income youth to accumulate a lump sum in a short period, which can be utilized for various purposes such as housing stability, education costs, or startup capital.

However, to receive these benefits, applicants are required to submit a fund usage plan and must continuously maintain employment or business activities for three years. This outlines a policy intent to encourage youth participation in economic activities beyond simple financial support.

Applications can be made from the 2nd to the 21st of next month through the Welfare Website or by visiting the local community center in their place of residence.

A Jeju Province official stated, "The Youth Tomorrow Savings Account is not merely financial support but a comprehensive support measure aimed at youth asset formation and economic independence. We hope that it provides an opportunity for youth facing economic difficulties to achieve independence and move towards greater goals."

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