Qualifications for Youth Tomorrow Filling Deduction and how to apply
In 2023, the government announced a new youth business.
There are Youth Tomorrow Filling Deduction, Youth Leap Account, and Special Support for Monthly Rent for Youth.
Today, let’s learn about the Youth Tomorrow Cheum Deduction.
It is scheduled to be released in June 2023, and if you pay 700,000 won per month for 5 years, you can make a lump sum of 50 million won.
This is a system that provides subsidies in monthly installments for 12 months, up to KRW 200,000 per month, to young people living on monthly rent.
The application is from August 22 to August 23, and the payment period is from November 22 to December 24 for three years.
It is a system in which the government and companies jointly support a lump sum, and the youth, companies, and the government each pay 4 million won to make 12 million won.
Let’s take a closer look
index
Youth Tomorrow Filling Deduction
Target for Youth Tomorrow Filling Deduction
Contents of Youth Tomorrow Filling Deduction
How to apply for Youth Tomorrow Filling Deduction
Youth Tomorrow Filling Deduction
Youth Tomorrow Filling Deduction
Youth Tomorrow Filling Deduction
Youth Tomorrow Filling Deduction
Youth Tomorrow Filling Deduction
Youth Tomorrow Filling Deduction
Youth Tomorrow Filling Deduction
Youth Tomorrow Filling Deduction
1. What is Youth Tomorrow Filling Deduction?
It is a system in which young people newly employed in the labor market form early careers in small and medium-sized enterprises and companies secure excellent young talent by jointly accumulating funds between young people, companies, and the government to support long-term employment of young people.
It was implemented from July 2016, to promote the inflow of unemployed young people (aged 15 to 34) into SMEs, and to support long-term employment and asset formation of young workers.
If a young man employed by a manufacturing or construction small and medium-sized business with 5 or more employees and less than 50 employees accumulates 4 million won for 2 years, the government will jointly accumulate 4 million won and 4 million won for the corporate period, raising a lump sum of 12 million won at maturity.
2. Subjects for Youth Tomorrow Filling Deduction
Young people aged between 15 and 34 who have been employed as regular workers in small and medium-sized businesses in the manufacturing and construction industries with 5 or more and less than 50 employees.
Those with military experience are limited to the age of 39, and the age limit for participation is linked and applied in proportion to the period of service.
Those who have no history of employment insurance as of the date of full-time employment or who have been enrolled in employment insurance for less than 12 months after graduating from the last school.
There are no academic background restrictions, but those who are currently attending high school or college or taking a leave of absence as of the date of full-time employment are excluded. However, prospective graduates are eligible.
In the case of companies, small and medium-sized enterprises in the construction and manufacturing industries that employ at least 5 but less than 50 people insured by the employment insurance for the previous 3 months, based on the date of employment of full-time workers for adolescents subject to the deduction, are eligible.
3. Contents of Youth Tomorrow Filling Deduction
In the case of young people, if they accumulate 4 million won for 2 years, the government and the company jointly accumulate 4 million won, and after 2 years, they can receive a maturity deduction of 12 million won and interest.
The company is a small-to-medium-sized company in the construction and manufacturing industries that employs 5 or more but less than 50 people insured by employment insurance for the previous 3 months, as of the date of full-time employment of young people subject to mutual aid.
4. How to apply for Youth Tomorrow Filling Deduction
After applying for participation on the WorkNet-Youth Aid homepage, and after receiving notification of approval or not, you can apply for a subscription at the Youth Aid Subscription website.