Applications for the “Youth Tomorrow Savings Account”, a government initiative to help young people in financial difficulty save a large sum of money, start on Monday. It is a program in which participants deposit 100,000 won every month for a period of three years, and the government subsidizes an additional amount into the account so that the owner of the bank account can accumulate a larger sum at the end of the day. end.
This project is for people between the ages of 19 and 34 who are employed at the time of application and who must meet other criteria, including applicant’s income, applicant’s household income, and size of assets of the applicant. housework. The applicant’s monthly income from a job or business must be more than 500,000 to two million won and below, and the household income must be below the average income level (from 2022, 5.121 million won for a four-person household). For household assets, the cap was set at 350 million won for those in large cities, 200 million won for small and medium towns, and 170 million won for agricultural and fishing regions.
When participants deposit 100,000 won each month, the government deposits the same amount into the account, making a total of 200,000 won saved per month. In three years, account holders will receive 7.2 million won. If they are beneficiaries of the basic livelihood support program or belong to the next lowest income bracket, the government offers 300,000 won instead of 100,000 won so that participants can have a total of 14, 4 million won reserved in three years.
Registration for the program is available before August 5 through the webpage of Bokjiro or the community service center of the participant’s residence.