The South Korean government is rolling out a program to help low-income young workers build assets.
On May 4, the Ministry of Health and Welfare said it will recruit 25,000 new participants for this year’s Youth Tomorrow Savings Account program from May 4 to 20.
The program supports working young people on low incomes in saving a lump sum over a three-year term. Eligible applicants are working youths ages 15 to 39 in households earning 50% or less of the median income. Participants who save 100,000 to 500,000 won a month will receive a government match of 300,000 won per month.
At maturity after three years, participants can receive a total of 14.4 million won, including their own savings, plus interest of up to 5% annually.
Since its introduction in 2022, eligibility had been expanded to those at 100% or less of median income. Starting this year, however, the government said it will focus support on youths at 50% or less of median income — including basic livelihood recipients and the near-poor — with the launch of a new “Youth Future Savings” product.
To receive the full payout at maturity, participants must keep working and make monthly deposits, complete 10 hours of self-reliance training through the asset-building portal and submit a plan for how the funds will be used.
The ministry also said it improved program rules. Previously, deposits could be paused for up to six months for unavoidable reasons such as job loss, illness or an accident. The pause period has been extended to up to 12 months so accounts can be maintained even during temporary interruptions in income-generating activity.
Applicants can apply online through the Bokjiro welfare portal or in person at an administrative welfare center in their local eup, myeon or dong within their city, county or district from May 4 to 20.
Selection results will be announced individually by text message in August after reviews of income and assets. Those selected can open an account at a nearby Hana Bank branch or through the Hana Bank OneQ app, and begin saving from August.
More information is available through the Korea Self-Sufficiency and Welfare Development Institute’s asset-building portal chatbot service, the asset-building support call center, or local administrative welfare centers.
* This article has been translated by AI.
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