Today, we will learn about the terms and conditions of the Youth Tomorrow Savings Account and how to apply. The Youth Tomorrow Savings Account is one of the support systems that helps young people in financial difficulties raise a lump sum and supports their first steps in social life. If you save 100,000 won per month, the government provides support of up to 100,000 won per month.
Please check whether you meet the Youth Tomorrow Savings Account conditions and then apply for the Youth Tomorrow Savings Account. Then, we will inform you about the terms and conditions of the Youth Tomorrow Savings Account and how to apply.
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Youth Tomorrow Savings Account
The Youth Tomorrow Savings Account is a government special youth program that helps young people build assets by providing 100,000 to 300,000 won if they save 100,000 won per month for three years.
This is a system that helps young people start building assets by providing a lump sum of up to 14.4 million won, which consists of 3.6 million won in principal saved by the young person over three years and 3.6 million to 10.8 million won saved by the government.
Youth Tomorrow Savings Account Conditions
The terms of the Youth Tomorrow Savings Account are only open to young people between the ages of 19 and 34. However, beneficiaries, the next-lowest class, and young people with less than 50% of the standard median income can sign up from the age of 15 to 39.
Young people aged 19 to 34
Annual income less than 24 million won, less than 100% of the standard median income (over 500,000 won per month ~ less than 2 million won per month)
Pay 100,000 won per month for 3 years
For 50% of median income (second lower class): government support of up to 300,000 won
Beneficiary, second-lowest income earner, or less than 50% of the standard median income: Available for ages 15 to 39
Household wealth: KRW 350 million in large cities, KRW 200 million in small and medium-sized cities, and KRW 170 million in rural areas.
Youth Tomorrow Savings Account Application
You can apply for a Youth Tomorrow Savings Account at the welfare website or community center.
Access and log in to the welfare homepage
Apply for service
Apply for welfare services
Apply for welfare benefits
low income group
Application for asset formation support (Youth Tomorrow Savings Account)
Youth Tomorrow Savings Account Support Amount
The Youth Tomorrow Savings Account requires at least 100,000 won for the first payment each month, and is a product that allows free savings in increments of 10,000 won up to 500,000 won depending on the individual’s will.
Earned income incentives are provided by matching KRW 100,000/KRW 300,000 to your monthly savings (KRW 100,000 to KRW 500,000).
Below 50% of the standard median income: 300,000 won flat match
Above 50% ~ below 100% of the standard median income: 100,000 won flat match
Below 50% of the standard median income
Saving more than 100,000 won per month + continuing work for 3 years + completion of education + fund use plan = 10.8 million won in earned income incentives
Above 50% ~ below 100% of standard median income
Saving more than KRW 100,000 per month + continuing work for 3 years + completion of education + fund use plan = KRW 3.6 million in earned income incentives
Documents to be submitted for Youth Tomorrow Savings Account
To sign up for a Youth Tomorrow Savings Account, visit a community center or access the welfare website, fill out a self-diagnosis form before applying for membership, and if the results of the self-diagnosis form meet the required registration requirements, submit the relevant documents.
Category Contents Required Documents
(Common)▪ Application for provision of social welfare services and benefits (change) ▪ Application for participation in asset formation support project (change) (including consent to savings) ▪ Self-diagnosis sheet for Youth Tomorrow Savings Account ▪ Consent for collection, use, and provision of personal information ▪ Provision of financial information, etc. Consent ▪ Income/property report ▪ Family relationship certificate ▪ (When applying on-site) Documents confirming the applicant’s identity (resident registration card, driver’s license, etc.) ▪ (When applying by proxy) Power of attorney, documents confirming the identity of the proxy applicant/applicant
Category Contents Proof of Income
document
(Required) Work
Income all the time
Employee ▪ Proof of employment for daily use
Workers ▪ Employment insurance daily work statement (issued by Korea Workers’ Compensation and Welfare Service) or employment wage confirmation
– If employment wage confirmation cannot be submitted, work activity and income reports can be substituted.
▪ Salary transfer statement or salary transfer account deposit details business
Income Other Business
Income ▪ Dead speaker registration certificate or consignment contract (regardless of the name of the contract)
▪ Proof of income amount (issued by National Tax Service home tax) or business income withholding tax receipt
– Other business income (income from wholesale, retail, manufacturing, and other businesses) can be submitted with a receipt (including the reported amount) reported to the National Tax Service.
Livestock Industry ▪ (Income from agriculture, forestry and livestock industry) Required to submit supporting documents related to farmer qualifications and purchase (transaction)
▪ Work activity and income report
▪ Proof documents that can replace business registration, such as agricultural business confirmation, farmer confirmation, livestock breeding business license registration, etc.
– Issuer: National Agricultural Products Quality Management Service support office (local government) that has jurisdiction over the applicant’s residence
▪ Fishing income, such as confirmation of rice (field) direct payment ▪ (Fishing income) Requirements for qualifications as a fisherman and submission of supporting documents related to purchase (transaction)
▪ Work activity and income report
▪ Fishery management business confirmation, fisherman confirmation
– Issuer: The Fisheries Agency that has jurisdiction over the applicant’s address or the address of a business such as a fishing facility or fish farm.
▪ Fishery cooperative’s illegal judgment records by fish family
▪ Evidential documents related to transactions, such as shipment volume by fish species, such as fishing village data
finish
In this way, we learned about the conditions and application for the Youth Tomorrow Savings Account. If you meet the eligibility requirements, we hope you will apply.
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