The government announced policies for young people in the second half of 2021. This is the 2021 Youth Special Measures. These include the Youth Tomorrow Savings Account, Youth Hope Savings, Youth Income Tax Deduction Long-Term Fund, and Soldier Tomorrow Preparation Savings. If you are a young person, we recommend that you check it out and, if you are eligible, be sure to apply and receive support.
By expanding the scope of the existing Youth Tomorrow Filling Credit to 20,000 people, more people will be able to build assets with government support. Additionally, by expanding the benefits of the existing youth savings account, a good system called ‘Youth Tomorrow Savings Account’ was created.
👉 Let’s check the eligibility requirements for the Youth Tomorrow Filling Credit.
Let’s check the eligibility requirements for the Youth Tomorrow Filling Credit.
There is a system where if you save 3 million won over 2 years, you can receive 16 million won. What is it? This is the Youth Tomorrow Filling Deduction. It is expected that there are many people who have heard of the Youth Tomorrow Filling Credit but have not properly looked into it.
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index
Youth Tomorrow Savings Account
Youth Hope Savings
Income deduction long-term fund
Soldier tomorrow preparation savings
Youth Tomorrow Savings Account
👉 Go to related government policies
We support low-income youth to get off to a strong start. Youth Tomorrow Savings Account recruitment begins on July 18th
We support low-income youth to get off to a strong start. Recruitment for Youth Tomorrow Savings Account begins on July 18 – Significant expansion of young people eligible for subscription (18,000 in 21 and 104,000 in 22) – – If you save 100,000 won per month, you can earn up to 14.4 million won + interest after 3 years.
www.korea.kr
What is Youth Tomorrow Savings Account? This is the government’s special youth policy system that helps young people build assets by providing government support of 100,000 to 300,000 won per month 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, with a minimum of 3.6 million won to 10.8 million won additionally saved by the government, along with the 3.6 million won saved by the young person over three years.
In addition, you can now receive interest rate support of 2 to 4%, which is higher than the standard market interest rate.
In the case of the existing youth savings account, it was possible to raise a lump sum of up to 14.4 million won, but selection was possible only if the income standard was 50% or less of the standard median income.
In the case of the Youth Tomorrow Savings Account, many young people have been able to apply through more relaxed income standards.
ps.) We will update with the most recent application-related information.
Youth Tomorrow Savings Account Income Standard
First, the Youth Tomorrow Savings Account can be supported by dividing it into three income-based categories. Let’s first look at the income criteria and support details for each.
Classification Standard Amount Content
Income standard 1 100% or less of standard median income
Youth Tomorrow Savings Account for those with an annual income of 24 million won or less
If you save 100,000 won per month for 3 years,
Up to 14.4 million won lump sum can be raised
Income criteria 2 36 million won or less Youth Hope Savings
High-interest additional interest support (2-4%)
Income standard 3 50 million won or less Youth income deduction long-term fund
40% income deduction
Below 100% of standard median income
Single-person household: KRW 1,944,812
Two-person household: 3,260,085 won
3-person household: 4,194,701 won
4-person household: 5,121,080 won
5-person household: 6,024,515 won
Youth Tomorrow Savings Account Application and Qualification Conditions
Young people aged 19 to 34
Annual income less than 24 million won, less than 100% of the standard median income (from more than 500,000 won per month to less than 2 million won per month)
Pay 100,000 won per month for 3 years
In case of 50% of median income (second lower class), government support up to 300,000 won
However, if you are a beneficiary, a person in the next lowest income bracket, or have an income below 50% of the standard median income, you can apply from 15 to 39 years of age, and it does not matter if your income is below 500,000 won.
Household wealth is less than 350 million won in large cities, 200 million won in small and medium-sized cities, and 170 million won in rural areas.
The income requirement for a Youth Tomorrow Savings Account for a single-person household is approximately 1.95 million won. In terms of income, earned income (part-time work possible), business income, etc. are all possible. The Youth Tomorrow Savings Account is available to college students as well as any young person with an income.
You cannot apply for a Youth Tomorrow Savings Account online; you must visit the Administrative Welfare Center at your resident registration address.
👉Youth Savings Account Homepage
Applications for the Youth Tomorrow Savings Account service can be made online through the Bokjiro website (https://www.bokjiro.go.kr/) from July 18th to August 5th (excluding weekends). For offline applications, you can apply through the community center at your address.
In anticipation of connection congestion, a 5-day schedule will be implemented. When applying for the 5-part system, the application date will vary depending on the last digit of your birth date. Please refer to the table below and apply on the date that applies to you. The final selection results will be announced in October.
Category Application date Application target
Monday 18th, 25th Birth date ending 1 or 6
Tuesday 19th, 26th Birth date ending 2 or 7
Wednesday 20th, 27th Birth date ending 3 or 8
Thursday 21st, 28th Birth date ending 4 or 9
Friday 22nd, 29th Last digit of birth date 5 or 0
👉Go to Youth Tomorrow Savings Account
caution
In order to receive full government subsidies, you must continue working for 3 years, save at least 100,000 won, complete 10 hours of training, and submit a fund use plan.
If you wish to sign up before applying, please access the Bokjiro website (https://www.bokjiro.go.kr/) and conduct a ‘asset formation support project mock calculation’ to self-diagnose whether you are eligible for support.
Youth Hope Savings
👉 Articles related to Youth Hope Savings
If you save 500,000 won per month, you can get a ‘Youth Hope Savings Fund’ that adds up to 360,000 won – Money Today
The government is launching the “Youth Hope Savings” to support young people’s asset formation. In addition to interest based on market interest rates, up to 360,000 won (2-year maturity, 500,000 won per month) in the name of savings incentives…
news.mt.co.kr
If your income is less than 36 million won per year, you can apply for the Youth Hope Savings Fund. Youth Hope Savings is a high-interest savings account with a high interest rate of 2-4%, which is higher than the interest rate of existing savings accounts, and allows monthly payments of 500,000 won for up to two years.
If you pay for two years, you will receive a savings incentive of 12 million won in principal and savings interest rate + 360,000 won.
Youth income deduction long-term fund
👉 Articles related to youth income deduction long-term fund
Establishment of 40% income deduction for youth long-term fund with annual limit of 6 million won
Ministry of Strategy and Finance prepares tax law revision plan for 2021. Interest income from youth hope savings is also exempt from tax… Youth Performance Compensation Fund income tax reduction rate of up to 90%, relaxation of subscription requirements for youth-friendly housing subscription savings… Application period extended by 2 years Assets of young people
www.taxtimes.co.kr
Young people with an annual income of 50 million won or less can sign up for a youth income tax deduction long-term fund. The focus of the income deduction benefit is to provide an income deduction of 40% of the fund payment amount.
You can pay up to 6 million won per year, and the period is 3 to 5 years. If you pay 6 million won per year for 3 years, you can receive 18 million won in principal + fund profits + income deduction benefits of up to 7.2 million won.
If you use the youth income tax deduction long-term fund, you will receive a lump sum as well as income deduction benefits, which will be advantageous for year-end tax settlement. If you are saving 500,000 won per month, it would be better to invest in a long-term income tax deduction fund.
Youth Tomorrow Savings Account Documents
Social welfare service and benefit provision (change) application form
Application for participation (change) in asset formation support project
Youth Savings Account Self-Diagnosis and Evaluation Table
Savings Agreement
Personal information provision and use agreement
Consent to provide financial information, etc.
Work activity and income reports, related supporting documents (certificate of employment, business registration, and documents proving business activities)
Other required documents
frequently asked questions
Q: Is it possible to sign up for a youth savings account while signing up for the Youth Tomorrow Filling Credit?
A: In the case of youth projects, duplicate participation is not possible if it is a similar asset formation support project. For accurate information, please call the Health and Welfare Counseling Center at number 129.
Q: If there are two or more young people in the household, can they all sign up for a Youth Tomorrow Savings Account?
A: Because the Youth Tomorrow Savings Account is an individual account, there are no restrictions on subscription within the household.
Q: What kind of income does employment and business income mean, and when should it be earned?
A: In the case of employment or business income, it is the monthly amount shown on the pay stub. This refers to the income generated last month as of the application date. In the case of business owners, the same applies as for workers, and relevant supporting documents must be submitted depending on the business type.