Seoul’s Yongsan District has announced that it will recruit new applicants for the second phase of the ‘Hope Saving Account I’ from June 2 to 13. This initiative is part of an asset-building support project aimed at helping low-income families become self-reliant.
The eligible applicants are households receiving livelihood or medical benefits with an income below 40% of the median income (956,805 won for a single-person household) and must include a working family member. Additionally, the total labor or business income of the household must be at least 60% of the 40% median income (574,083 won for a single-person household) to qualify.
Participants can deposit at least 100,000 won monthly and will receive a monthly work income support of 300,000 won from the government. They can contribute up to 500,000 won of their own savings. If they maintain employment and continue their savings for three years, they will be eligible to receive up to 14.4 million won plus interest, provided they are no longer classified as recipients of livelihood or medical benefits.
Applications must be submitted in person at the district’s local community service center, with required documents including a savings agreement, consent forms for personal information collection and use, and a self-assessment form.
Park Hee-young, the head of Yongsan District Office, stated, “The Hope Saving Account I is a meaningful program that provides low-income families with an opportunity for economic independence. I hope many residents will take an interest in this initiative and prepare for a better future.”
