The Youth Tomorrow Savings Account is a savings product that young people between the ages of 15 and 34 can sign up for as of 2022. For the Youth Tomorrow Savings Account, the government provides a certain amount of additional support for the amount paid depending on the depositor’s age. Through this, young people can save more money and thus prepare the funds needed for the future.
✅ Youth Tomorrow Savings Account
A representative youth policy that took place last year was the Tomorrow Savings Account, which provided support for an amount equal to the desired savings and payment amount, which 2.9 million people flocked to with interest rates exceeding 10% per annum based on commercial banks, and also provided interest benefits.
Among these, there was only talk that the Youth Hope Savings Savings Fund would be relaunched, but in the end, a press release was issued saying that there would be no relaunch and that it would be abolished, causing confusion among many people.
I think many people think that this is why the Youth Tomorrow Savings Account will also be abolished.
To conclude, it is true that, unlike the Youth Hope Savings Account, the Youth Tomorrow Savings Account is being relaunched.
✅ Youth Tomorrow Savings Account Latest Press Release
According to a press release issued by the Ministry of Health and Welfare in December last year, this year’s budget for the welfare sector was approximately KRW 109.2 trillion, an increase of KRW 11.7 trillion compared to KRW 97.5 trillion last year. Accordingly, the budget allocated for youth policy also increased by KRW 700 billion compared to 2022. It was decided at 24.7 trillion won.
👉23-year welfare sector budget: KRW 109.183 trillion
👉23-year youth policy budget: 24.1 trillion won
👉Recruitment Capacity: 171,000 people
The number of applicants increased from 104,000 to 171,000 this year, an increase of nearly 70%. Because of this, more low-income young people will likely be able to receive welfare benefits.
✅Youth Tomorrow Savings Account Benefits
👉Youth in the next lower income bracket: 1:1 matching of your own payment based on 100,000 won per month + interest
👉Youth in the next lowest income bracket or below: 1:3 matching of your own payment based on 100,000 won per month + interest
The benefits of the Youth Tomorrow Savings Account are as follows. First, if you choose to pay an amount of 100,000 to 500,000 won per month during the three-year maturity period, the government will save an additional 100,000 or 300,000 won per month depending on the subscriber’s income level.
In addition, all interest accumulated during the savings period goes to the young person, so if you pay 100,000 won per month, the actual interest rate benefit can be considered to exceed 100%. If you are a low-income recipient of basic livelihood security or a young person from the next lower class, it can be considered more than 300%.
✅Youth Tomorrow Savings Account Conditions
1. Youth of the next lowest income or below
1️⃣ Ages 15 to 39
2️⃣ Household income is less than 50% of the standard median income
3️⃣ Property must meet regional standards
2. Youth exceeding the next highest level
1️⃣ Ages 19 to 34
2️⃣Young person’s monthly income is more than 500,000 won but less than 2 million won
3️⃣Household income is 100% or less of the standard median income
4️⃣ Property must meet regional standards