Because the economic problems of young people are a big problem for the country, the government is putting forward various policies to alleviate some of the financial burden on young people. Among them, the most representative one is the Youth Tomorrow Savings Account.
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.
In other words, if you save 3.6 million won, 100,000 won per month for three years, you will be able to receive a lump sum of 7.2 million won in total, combined with the monthly amount of 100,000 won supported by the government. If you are in the second-highest income bracket, you can receive a total of up to 14.4 million won.
If you are currently looking for information related to the Youth Tomorrow Savings Account, please use this article to easily check the conditions for signing up for the Youth Tomorrow Savings Account. If you meet the conditions, please hurry up and apply for the Youth Tomorrow Savings Account.
Click here to apply for Youth Tomorrow Savings Account
Check the conditions for signing up for the Youth Tomorrow Savings Account
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.
Those eligible to join must be currently working and have earned or business income of between KRW 500,000 and KRW 2.2 million per month. Those who receive basic livelihood security, are in the next lower class, or earn less than 50% of the standard median income must have earned and business income exceeding 100,000 won per month.
The government subsidy for the Youth Tomorrow Savings Account varies depending on the subscriber’s income. For young people whose income is more than 50% but less than 100% of the median income, the government will provide an additional 100,000 won if they pay 100,000 won per month. For young people who make less than 50% of the median income, if they pay 100,000 won per month, the government will provide 300,000 won. give.
In other words, if a young person with an income exceeding 50% but less than 100% of the median income pays 100,000 won per month, the government will provide 100,000 won and pay a total of 200,000 won per month. Therefore, after three years, he or she will receive a monthly payment of 7.6 million won. You will be able to.
Likewise, if a young person with less than 50% of the median income pays 100,000 won per month, the government will support 300,000 won, making a total payment of 400,000 won, so after three years, he or she will be able to receive 14.4 million won.
If you do not know what percentage of median income your household falls into, please refer to the image below.
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As of 2023, the 100% median income standard is 1 person (about 2.07 million won), 2 people (3.45 million won), 3 people (4.43 million won), 4 people (5.4 million won), 5 people (6.33 million won), and 6 people (7.22 million won). ), and the 50% median income standard is half of the 100% median income standard.
Therefore, the 50% standard of median income for a one-person household is about 1.03 million won, for a two-person household it is about 1.72 million won, for a three-person household it is about 2.21 million won, for a four-person household it is about 2.7 million won, and for a five-person household it is about 3.16 million won. , for a household of 6, it is about 3.62 million won.
In addition, you can sign up for the Youth Tomorrow Savings Account only if your household’s assets (real estate, vehicles, land, etc.) are less than 350 million won in large cities such as Seoul, Busan, Incheon and Daegu, 200 million won in small and medium-sized cities, and 170 million won in rural areas.
If you do not know the details of your household wealth, household income, and median income, you can easily check whether you meet the subscription conditions through the mock calculation of the Youth Tomorrow Savings Account provided by Bokboro.
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How to apply for Youth Tomorrow Savings Account
There are two main ways to apply for a Youth Tomorrow Savings Account. One is to connect to Welfare Road and apply online, and the other is to apply in person by visiting the town/village/dong community center.
If you apply online through Welfare, please log in to Welfare and apply for services > Apply for welfare services > Apply for welfare benefits > Low-income families > Asset formation support (Youth Tomorrow Savings Account).
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Check application results for Youth Tomorrow Savings Account
Youth Tomorrow Savings Account application results will be sent via individual text message around mid-August. Additionally, after this period, you can check the results through the website where you can check your application information.
Youth Tomorrow Savings Account Youth Hope Savings Account Multiple subscriptions
You can subscribe to the Youth Tomorrow Savings Account in conjunction with the Youth Hope Savings Account. However, subscribers to similar asset formation support projects such as the Youthful Employment Naeil Filling Credit cannot register multiple times.