Find out how to apply for a Youth Leap Account and the conditions for joining. It is said that the Youth Leap Account will be released in June this year, which will fill our bankbook in abundance. I would like to organize the most curious application method, subscription conditions, etc. Please check the information below and apply after considering the application method and membership conditions.
Youth Leap Account
What is Youth Leap Account?
The Youth Leap Account is a financial product supported by the government so that young people between the ages of 19 and 34 can make a lot of money. It is full of payments of up to 700,000 won per month, and if you are new to society, you must sign up without missing out because you will have a lump sum of 50 million won at the end of 5 years.
Youth Leap Account
Application period and application method
1. Application Period
The application period for the youth leap account we want to do is that we will receive applications from June 2023 to December 31. After recruiting candidates for 2 weeks every month, when the application is completed, the applicant will be contacted at the end of the 2-week screening process. It would be good if you knew in advance that the application for membership → income evaluation → maintenance evaluation is carried out in the order.
2. How to apply
The agency that handles the Youth Leap Account is not yet known. Therefore, it is said that it will be announced to the public according to the financial institutions that will be decided later. We have prepared a button for the Small Finance Promotion Agency below, so it would be nice if you could go in and check it whenever you have time.
Conditions for applying for Youth Leap Account
○ Young people between the ages of 19 and 34
○ Individual income less than 60 million won per year
○ Less than 180% of median household income
○ Young people with a certain income enrolled in employment insurance
As mentioned earlier, the Youth Leap Account can be signed up by young people between the ages of 19 and 34. As of 2023, you can sign up from 2004 to 1989. You can join the service up to the age of 36 after serving in the military for two years.
If these age conditions are passed, the income conditions must be met. Individual income must be less than 60 million won per year, and household income must be less than 180% of the median income. Personal income includes both business and earned income. These conditions are alleviated compared to the Youth Hope Savings Savings, so it would be nice to check the conditions again for those who have not joined the Youth Hope Savings Savings.
Civil servants can also sign up, but part-timers with unstable income or college students are not allowed to sign up. However, it is said that part-time workers who are enrolled in employment insurance can apply, so let’s check my conditions carefully.
Contents of support for Youth Leap Account
1. Contribution payment structure by individual income
Personal Income (Based on Gross Salary) Contribution Payment Limit (Monthly) Contribution Matching Ratio Contribution Limit (Monthly)
24 million won ~ 400 thousand won 6.0% 24 million won
Less than 36 million won ~ 500 thousand won 4.6% 2.3 million won
Less than 48 million won – 600,000 won 3.7% 220,000 won
60 million won or less ~ 700 thousand won 3.0% 2.1 million won
Less than KRW 75 million – – –
◆As for the interest rate of financial institutions, ‘fixed rate applied for 3 years (or more) after joining’ + 2-year floating rate is applied.
◆The level of interest rates by handling institution will be announced on the website of the Financial Association.
◆ Youth from low-income families (eg, 24 million won or less) are granted preferential interest rates.
2. Amount received at maturity
If you have paid up to 700,000 won for 5 years,
Depending on the interest rate, the maturity amount is expected to be between KRW 47.7 million and KRW 49.66 million.
With the Youth Leap Account, the interest rate increases according to individual income, the government contribution decreases, and the maturity benefit increases.
Personal Income Monthly Payment Principal Interest Rate Interest Government Contribution Received at Maturity
24,000,000
Below 700,000 42,000,000 4% 4,270,000 1,440,000 47,710,000
5% 5,337,550 48,77,500
6% 6,405,000 49,845,000
36,000,000
Below 4% 4,270,000 1,380,000 47,650,000
5% 5,337,500 48,717,500
6% 6,405,000 79,785,000
48,000,000
Below 4% 4,270,000 1,320,000 79,590,000
5% 5,337,500 48,657,000
6% 6,405,000 49,725,000
60,000,000
Below 4% 4,270,000 1,260,000 47,535,000
5% 5,337,500 48,597,500
6% 6,405,000 49,665,000
Whether students can sign up for Youth Leap Account
The Youth Leap Account is aimed at people with income, so even college students who work part-time or have personal income can apply.
However, you must prove that you are paying employment insurance before you can enroll, so make sure to check with the National Tax Service whether or not you are subject to income reporting.
Income declaration is filed once a year in May, so if your income for the previous year has not been confirmed, you can apply for it after it has been confirmed.
You can check your income tax return at the National Tax Service Hometax.
<National Tax Service Home Tax ▶ Proof of civil application ▶ Proof of income amount ▶ Certificate login ▶ Enter personal information and check for earned income earners ▶ Issuance after selecting tax period >
Tips for maintaining your Youth Leap Account for 5 years
It is said that the number of people who have been popular in 2022 for 1 months of youth hope savings is about 2.4 million.
Although it was popular because it offered high interest rates, there were many defectors.
The reason is that I started saving money because I was too lazy to save for a long time.
Then, what should I do to maintain my Youth Leap Account for 5 years?
Tips for maintaining your Youth Leap Account for 5 years
1. Change of payment amount
At first, 700,000 won seems like a small amount, but it is a lot of money to do it steadily for 5 years.
In this case, it is better to reduce the payment amount.
There is almost no cancellation interest rate for early termination, so you can receive government contributions just by maintaining the savings account, so try changing the payment amount.
2. Reducing other installment savings
If you are maintaining other installment savings, it is a good idea to reduce the amount of those savings or compare the interest rates and deposit them in the best place.
Since the Youth Leap Savings Savings account for the highest interest rate compared to other installment savings on the market, it seems better to reduce other installment savings and save it as a Youth Leap Savings Savings.
3. Direct debit
If you do automatic debit, the money will come out on its own, so it’s better to think about the current situation thinking that your monthly salary has decreased.
It’s up to you to adapt to it as it increases if your salary increases, and as it decreases if it decreases.
Voices for the Youth Leap Account
There are many who present a problem in that the age is limited.
If you are at least one year older than the age of 34, you are excluded from being eligible to apply, so those with early birthdays and young people who do not receive benefits due to a difference of one to two years express regret.
It is also said that they are unhappy with the policy that the more they earn, the less they receive.
Reverse discrimination is being discussed as people who work harder should pay less.
It is also said that five years is too long.
These days, prices are soaring even within a year, but there are voices saying that a period of five years is not realistic.
Voices for the Youth Leap Account
Frequently asked questions about Youth Leap Account
Q. Can I receive it at the same time as other government financial products?
A. Even young people who have subscribed to existing support products can sign up simultaneously or sequentially with similar products so that they can receive maximum asset formation support.
In particular, since this support is for young people with low income and lack of assets, we plan to proceed to receive as much as possible.
However, it cannot be done at the same time as Youth Hope Savings Savings.
Q. What happens when I get older after joining the Youth Leap Account?
A. As it corresponds to the age requirement at the time of registration, the Youth Leap Account will be maintained unless terminated in the middle.
Q. Will I continue to receive support based on my income when I sign up? Is there an income review?
A. The Youth Leap Account is a mid- to long-term product with a maturity of 5 years.
Therefore, the individual’s income is verified every one year from the date of registration.
Based on this, we plan to check whether it is maintained. Only personal income is checked, and then whether or not government contributions are paid and the amount are adjusted.
If, as a result of the maintenance review, the personal income exceeds KRW 60 million, the government contribution payment will be suspended until the next maintenance review.
In the next maintenance review, if the personal income is less than KRW 60 million, the government contribution will be paid again until the maintenance review.
The tax exemption is maintained until maturity, provided that the individual household income requirements are met at the time of enrollment.
Q. What happens to the benefits if I do not complete the 5-year maturity period and terminate early?
A. If the reason for termination falls under the special early termination requirements, government contributions will be paid in addition to the user’s payment, and tax exemption benefits may also be applied.
However, in the case of early termination of a general Youth Leap Account, only the portion paid by the person himself/herself is paid, and government contributions and tax-free benefits are not available.
✔️Special midway termination requirements
1. Subscriber’s death and overseas migration
2. Subscriber retirement
3. Business closure
4. Natural Disaster
5. Diseases requiring long-term treatment
6. Buying your first home