It is very difficult for young people who are just taking their first steps into society to make a lump sum, but the 2024 Youth Tomorrow Savings Account is designed to help young people build assets through savings and provide a lump sum to invest in the future, such as housing, education, and starting a business. This is a savings account created by the government. Let’s find out together.
What is Youth Tomorrow Savings Account?
It is a government policy that helps young people build assets through savings and helps them invest in the future, such as education, entrepreneurship, and housing, and prepare for crises.
The scope of support has been expanded from the existing ‘youth from the next lower class’ to ‘youth with income below 100% of the median income,’ making it available to more young people.
Youth Tomorrow Savings Account Support Target
1) Over 19 years old and under 34 years old
– Anyone between the ages of 19 and 39 can apply if they are a recipient of basic livelihood security or are in the next lower class.
2) You must currently be engaged in work activities that provide employment or business income, and your earned income must be 500,000 won or more but less than the upper limit.
– You can apply if you are a beneficiary of basic livelihood security or are in the second-lowest income bracket and have an earned income of 100,000 won or more.
3) You can apply if your income is less than 100% of the existing median income.
4) Household wealth: KRW 350 million or less in large cities / KRW 200 million or less in small and medium-sized cities / KRW 170 million or less in rural areas
Youth Tomorrow Savings Account Support Details
This is a system in which if you save 100,000 won every month, the government provides you with a government subsidy (100,000 won to 300,000 won).
-If you are a basic recipient or a young person from the next lower class, the government provides support at a ratio of 1:3.
(If you save 100,000 won, the government provides 300,000 won in support.)
– Above 50% and below 100% of median income: 100,000 won flat match
– Below 50% of median income: 300,000 won flat match
With a 3-year maturity, you must maintain earned income for 3 years.
How to apply for Youth Tomorrow Savings Account
The application date for the 2024 Youth Tomorrow Savings Account is scheduled for May.
In 2023, it was from May 1 to May 26, and 2024 is expected to be around the same time.
You can apply both offline and online.
You can apply offline by visiting a community center, or online through the Welfare website.
Youth Tomorrow Savings Account Related Matters
1) You must maintain your work activity and maintain your bank account for 3 years until maturity.
– If you cancel early, you will not be able to receive government subsidies.
2) You must submit a fund use plan and complete mandatory training (10 hours).
– Mandatory training is available through the asset formation portal.
– You can receive training by going to Asset Type Portal > My Service > Training Management > Essential Menu in order.
– Select the subject you want, listen to the lecture, and then take the quiz.
– You will complete the course if you answer 80% or more of the quizzes for each subject.
3) If the conditions are met, public officials can also join.
4) Only in cases where there are unavoidable reasons, it is possible to apply for suspension of accumulation during the project participation period (3 years).
– If you apply in advance, your points will not be provided during the suspension period. You can stop your points by submitting an application to the management area.