What is youth contractualization? It refers to a government policy fund financial product to support young people’s mid- to long-term asset formation. It is an installment savings product that is freely paid within the limit of 700,000 won per month for 5 years (60 months) of maturity. 청년도약계좌 일시납입 신청
Youth Leap Account-Application-Method
Youth Leap Account Benefits
It pays up to 6% of government contributions every month and provides tax-free benefits on interest income. A relatively high bank rate is applied.
What is tax exemption? jasminevista.com
It refers to income that is not subject to income tax. This determines that the government will waive taxes to encourage a particular income or to help a particular group of people.
What is income tax?
Income tax is a tax imposed by the state on the income earned by an individual during the year. In other words, we have to pay taxes on all income, such as the salary we earn from work, the profits we earn from business, and the profits we earn from investment.
2 types of income tax
Comprehensive income tax: It is a tax that is taxed by comprehensively considering all personal income. All income, including salary, business income, rental income, interest income, dividend income, and other income, is subject to comprehensive income tax.
Local income tax: A tax calculated by multiplying the tax base of the comprehensive income tax by a certain percentage. It is used for local finance.
Youth Leap Account-Bank-interest rate
Youth Leap Account Bank Interest Rate Expected 5.5% On Average
Youth Leap Account-Government Contributions-Support-Standards
If you put in 500,000 won per month, the government gives you 23,000 won.
Youth Leap Account-Yield
You can expect a final return of 8%.
The principal amount of savings of 42 million won is 42 million won, and interest of 8 million won is 1.6 million won per year for five years. Investing in stocks…
You can sign up for a temporary payment linked to the youth hope installment savings
It is possible to sign up in conjunction with the existing youth hope installment savings. In the case of temporary payment of a youth leap account, government contributions will also be paid in one time.
Those who used to save money for youth will expire in March this year. If you save 10 million won, you can join a youth leap account with a lump sum payment.
Application for Temporary Payment of Youth Leap Account Home Page
Youth Hope Savings – Youth Leap Account
Many say that the subscription period is as long as five years.
But many say that it is too long now. There may be situations where you can’t continue working without knowing if you can maintain it for five years and what will happen for five years. It is said that this is one of the reasons why people are considering signing up for a youth leap account.
Youth Leap Account-Temporary Payment-Payment-Payment-Transition-Recommendation-Recommendation
As much as the temporary payment is made, the amount is considered to be paid. New payments are possible from the end of the period. In other words, no payment is made for 18 months. The maturity is 5 years.
It is said that one-year youth leap plus savings will be introduced in April during the installment savings gap due to temporary payment.
Conditions subject to joining the youth leap account
Terms of Subscription
Age: 19 to 34 years old or younger
The period of military service (maximum 6 years) is calculated excluding the age calculation
Income conditions subject to membership
Income: Total salary for the previous taxable period is not more than 75 million won, and the total income added to the comprehensive income tax base is not more than 63 million won
It should be possible to prove the amount of income through the National Tax Service.
It is possible even if you have parental leave benefits or parental leave allowances.
Household income: less than 180% of median income based on the number of household members
Period of subscription for temporary payment of youth leap account
Temporary payment subscription applications can be applied by March for February maturities and by April for March maturities. It is said that the schedule after March will be announced later.
Application period: February 22, 2024 (Thursday) to February 38, 2024 (Friday)
Korea Inclusive Finance Agency
Find out the account for young people’s leap forward 1397 > Personal requirements for connection number 3 and update of household members ※ If there is no problem with the information of household members based on their age and a copy of the resident registration card, there is no need to apply for a separate update
ylaccount.kinfa.or.kr
You can also sign up on the bank application you have signed up for.
Youth Leap Account-Registration-Method
5 years is too long. Benefits if terminated in the middle of termination
Five years was too long, so there were many cases where it was terminated in the middle. So, let’s look into the contents of the supplementation of the system this time. If you keep moving for three years, even if you close your account in the middle, you will get tax-free benefits and raise the interest rate for termination in the middle.
Youth Leap Account-Interim Termination- Benefits
a benefit for termination in the middle
Expanding the reasons for allowing the special termination of the termination of the termination period
Special Intermediate Termination? It refers to applying government contribution payments and non-taxable benefits as they are. It can be canceled while maintaining the benefits even if you add it for a month. The conditions of the benefits applied as it is are as follows.
Death
Overseas migration
Retirement
closure of business
a natural disaster
Disease
the first ever home purchase
Marriage
child birth
a non-special requirement situation
You can borrow the balance of savings accounts for young people as collateral
The loan limit for each bank is 90 to 100% of the balance
Some banks can also be linked to negative bank accounts.
Loan interest rate: basic interest rate + preferential interest rate + loan additional interest rate (about 1%)
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