The Seoul Metropolitan Government announced today that it will expand the number of participants in the “Hope Double Youth Bank Account,” a program that helps young people save for their future, from 7,000 to 10,000.
If a working youth saves 100,000 won or 150,000 won per month for two to three years, the city budget and private funds will provide an additional 100 percent of the participant’s savings, creating an asset that more than doubles (including interest) at maturity.
For example, if you save 150,000 won a month for three years, you will receive 1,800,000 won at the end of the program, which is 5.4 million won in your own savings plus 5.4 million won in city support, plus interest.
The number of participants this year is 10,000, 3,000 more than last year. The program has also removed the requirement that only one member of the household can participate메이저놀이터, as well as the requirement that those with more than 50 million won in debt cannot apply.
Eligible applicants are working young adults (aged 18 to 34) living in Seoul who earn no more than 2,500,000 won per month, have a dependent’s income of less than 100 million won per year, and have less than 900 million won in assets.
Young adults who wish to participate must visit their local community center from the 12th to the 23rd of the following month to submit an application and necessary documents. They can also apply by mail or email.
The same period will also see the recruitment of 300 participants for the Dream Passbook, a program that helps low-income families raising children under the age of 14 fund their children’s education.
The Dream Savings Account is a program that allows low-income households to save for three or five years, earning 50 to 100 percent of their market savings and paying out 1.5 to 2 times their savings at maturity.
It is targeted at households earning 80% or less of the median income with children under the age of 14. Even if you have multiple children, only one can apply.
The final participants of the Hope Double Youth Bank Account and Dream Bank Account will be selected on October 13 through a document review, income and property survey, and credit check.
The finalists will sign a contract with the city and start saving in November.