Applications for the 2023 Youth Tomorrow Savings Account will be accepted until May 26th. This is a fund formation policy project implemented by the government to help young people save up to 10.8 million won after 3 years by saving 100,000 won every month.
Below you can learn about the application conditions, support details, and application method for the Youth Tomorrow Savings Account.
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Youth Tomorrow Savings Account Target and Conditions
What is Youth Tomorrow Savings Account?
It is a fund-forming financial policy supported by the government to help young people prepare for drinking and prevent them from falling into extreme poverty.
Application period and target
✅ Application period
2023. 5. 1 ~ 5. 26. If you apply for welfare online, you can apply from May 15.
✅ Eligibility for application
Young people who meet all four criteria: age, income standard, household income, and household property can apply.
Application conditions and criteria
You must meet all of the conditions below to apply.
✅ Age requirements
You must be between 19 and 34 years old at the time of application. However, recipients of basic livelihood security, the next-lowest class, and those earning less than 50% of the standard median income can apply from ages 19 to 39.
✅ Income criteria
If you are currently working, your earned/business income must be more than 500,000 won per month but less than 2.2 million won per month.
However, those who receive basic livelihood security, are in the second-lowest class, or earn less than 50% of the standard median income must work and earn more than 100,000 won in monthly earned or business income.
✅ Based on household income
Based on the recognized income, you only need to make 100% or less of the median income.
Household-by benefit-recipient-selection criteria-table-photo
✅ Household property standards
For large cities, it must be less than 350 million won, for small and medium-sized cities, it must be less than 200 million won, and for rural areas, it must be less than 170 million won.
Support details and application method
Support details
We will match a government subsidy of 100,000 won only to those whose monthly savings are more than 100,000 won (maximum 500,000 won).
However, the matching amount varies depending on income. Those receiving basic livelihood security and the second-lowest income bracket will receive 300,000 won per month, and at the end of three years, a work incentive of 10.8 million won will be paid.
Standard-Median Income Table-Photo
✅ 1. People aged 19 to 39 with an income below 50% of the standard median income.
If the four conditions below are met, the government will provide 300,000 won per month, and an earned income tax incentive of 10.8 million won will be paid at maturity.
The amount paid at maturity is 3.6 million won of self-paid amount (based on 100,000 won per month) + 10.8 million won of earned income tax incentives + interest.
Saving more than 100,000 won every month
Maintain work activity for 3 years
Complete online training (10 hours)
Write a fund use plan
✅ 2. Those between 19 and 34 years of age and above 50% but below 100% of the standard median income.
If you meet the four conditions below, the government will provide 100,000 won per month and an earned income tax incentive of 3.6 million won will be paid upon maturity.
Saving more than 100,000 won every month
Maintain working activity for 3 years
Complete online training (10 hours)
Write a fund use plan
Asset Formation Portal▷MY Service▷Education Management▷Completion of desired training among required trainings
Go to training completion
※ To receive the full amount of accumulated savings, you must continue working, complete training, maintain a bank account for 3 years, and submit a fund use plan.
In addition, additional subsidies are available for each policy target, such as youth receiving livelihood benefits, dehydration benefit incentives, tomorrow’s growth incentives, and tomorrow’s growth profits, so please check the targets.
How to apply
There are two ways to apply: online and in person.
You can apply through Bokbokro, an online portal, or visit the community center of each eup, myeon, or dong to submit your application.
✅ Apply online through welfare (Application available from May 15th)
Apply online with welfare
✅ Applications to visit the community center are available from May 1.
✅ Documents to be submitted
Below you can find a list of required and required documents.