Bucheon City has announced that it will be recruiting new subscribers for the 'Youth Tomorrow Savings Account' until May 21st to help young people facing economic difficulties establish a foundation for independence. This project aims to provide working, low-income youth with the opportunity to accumulate funds through government matching grants and ultimately support their stable future planning.
The 'Youth Tomorrow Savings Account' offers two types of support depending on income level. Young people aged 19 to 34 with a household income exceeding 50% but below 100% of the median income can receive a government contribution of ₩100,000 per month if they save at least ₩100,000 monthly for three years. Upon maturity, they can receive a total of ₩7.2 million, including their own savings of ₩3.6 million, plus interest. To be eligible, applicants must have a monthly income from employment or business exceeding ₩500,000 but not exceeding ₩2.5 million.
Meanwhile, young people aged 15 to 39 in more challenging circumstances, with a household income below 50% of the median income, will receive broader support. If they save at least ₩100,000 per month for three years, the government will contribute an additional ₩300,000 per month, allowing them to receive a maximum of ₩14.4 million, including their own savings of ₩3.6 million, plus interest upon maturity. The application requirement for this category is a monthly income of at least ₩100,000 from employment or business.
To accumulate funds through the 'Youth Tomorrow Savings Account', several conditions must be met. First, subscribers must consistently engage in employment or business activities throughout the three-year savings period. Government support funds may be reclaimed if employment ceases. Additionally, individuals must diligently make their monthly contributions and continue to meet the income criteria for three years. Furthermore, to be eligible for final maturity withdrawal, young people must complete 10 hours of education programs designed to enhance their self-reliance and submit a plan for the use of the funds upon maturity.
Bucheon City plans to actively support local youth in alleviating their financial burdens and building a solid foundation for their future through this 'Youth Tomorrow Savings Account' recruitment. Young people wishing to join can apply by visiting their local administrative welfare center by May 21st or conveniently apply online through the welfare portal website 'Bokjiro (www.bokjiro.go.kr)'.
However, Bucheon City has announced in advance that this project is subject to change depending on budget conditions, and government grants may be suspended if the budget is exhausted. Therefore, young people wishing to subscribe to the 'Youth Tomorrow Savings Account' are advised to apply promptly within the recruitment period.
The 'Youth Tomorrow Savings Account' is not merely a program to support the accumulation of funds but a crucial policy that helps young people maintain hope and plan for the future even in the face of economic difficulties. It is hoped that Bucheon City's recruitment will provide practical assistance to local youth and serve as a stepping stone for their stable social integration. Furthermore, there is a growing demand for the continued expansion of policies that empathize with the difficulties faced by young people and provide practical support.
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