The Youth Tomorrow Savings Account is a project supported by the government. If a young person with an income below 100% of the median income saves 100,000 won per month, the government provides an additional 100,000 won or 300,000 won. Through this, young people can build assets and use them for purposes such as housing, starting a business, and education, so if you would like to apply, please apply quickly through the link below.
Click here to apply for Youth Tomorrow Savings Account
Youth Tomorrow Savings Account Conditions How to Apply Education Maturity Summary
Learn more about applying for a Youth Tomorrow Savings Account
Youth Tomorrow Savings Account Eligibility Requirements
We will inform you of the eligibility conditions for the Youth Tomorrow Savings Account.
● Age: Young people between 19 and 34 years old. However, even if you are over 35 years of age, you can join if you have a disability registration certificate according to the Welfare of Persons with Disabilities Act.
● Income: If you belong to a household with 100% or less of median income and are working. However, the standard median income fluctuates every year and varies depending on the number of household members, so you must check it on the asset formation portal. In addition, work activities refer to cases where a person is a wage earner or business income earner and can prove income above the minimum wage under the Labor Standards Act.
● Savings: This refers to the case where you have the intention and ability to regularly save 100,000 won per month. However, savings can only be made through a bank account in your name, and you cannot save in the name of another person or delegate or act on behalf of another person to save.
How to apply
How to apply for a Youth Tomorrow Savings Account is as follows.
Online application: You can apply at Welfare Road. After logging in to Bokboro, select the Youth Tomorrow Savings Account application menu, enter the necessary information, and attach the documents to complete the application. Online application is possible at any time during the recruitment period.
Offline application: You can apply at your town/myeon/dong community center. Visit the community center, fill out the Youth Tomorrow Savings Account application form, and submit the necessary documents to complete the application. Offline applications are only available during community center operating hours during the recruitment period.
Click here to apply for Youth Tomorrow Savings Account
Documents required for application
√ Copy of ID card
√ Proof of income (employed income earner: earned income withholding receipt or salary statement / business income earner: business registration card or business registration number confirmation)
√ Family relationship certificate (to confirm the number of household members)
√ Copy of bankbook (bankbook in your name)
Find out about the types of training completed
Youth Tomorrow Savings Account training is a prerequisite for completing a total of 10 hours (600 minutes) during the subscription period (3 years). If you do not complete the training, you will not be able to receive government subsidies. Training can be taken online through the Asset Formation Portal, and training in a variety of topics and formats is provided. The types and contents of training are as follows.
● Credit Recovery Committee video training: Video lectures on credit management, debt counseling, and personal rehabilitation provided by the Credit Recovery Committee. You can complete a total of 4 hours (240 minutes). You can take the course by logging in to the Asset Formation Portal and selecting MY Service > Training Management > Required Training > Credit Recovery Committee video training menu.
● Asset Formation Portal Online Education: Online lectures on asset formation, financial planning, housing, entrepreneurship, education, etc. provided by the Asset Formation Portal. You can complete a total of 4 hours (240 minutes). You can take the course by logging in to the Asset Formation Portal and selecting MY Service > Education Management > Required Education > Asset Formation Portal Online Education menu.
● Self-Sufficiency Information System (Education and Training) Online Education: Online lectures on self-sufficiency projects, welfare assistants, job skills, etc. provided by the Korea Self-Rehabilitation Welfare Development Institute, which can be completed for a total of 2 hours (120 minutes). You can take the course by logging in to the Self-Sufficiency Information System (Education and Training) and selecting the Job Training/E-Learning > Youth Savings Account Training Course (Credit Recovery Committee video training) menu.
Go to Youth Tomorrow Savings Account Training
You can choose and complete the Youth Tomorrow Savings Account training according to your interests and needs. However, you must be careful as the maximum completion time for each type is limited. For example, only a maximum of 4 hours of credit recovery committee video training is recognized, so even if you attend more than 4 hours, it will not be additionally recognized. Additionally, after completing training, you must check your access records and, if necessary, capture them and keep them as evidence. Training completion status can be checked in the MY Service > Savings Status Inquiry > Savings Status Inquiry menu on the Asset Formation Portal.
Amount you can receive at maturity
The Youth Tomorrow Savings Account is a system in which the government provides an additional 100,000 or 300,000 won per month to young people who save regularly for 3 years and continue to work. At maturity, you can receive all of your savings, the amount supported by the government, and the accumulated interest. The total savings amount you can receive at maturity is as follows.
● Young people below 50% of the median income: If you save 100,000 won per month, a total of 14.4 million won + savings interest
● Young people with above 50% to 100% of the standard median income: When saving 100,000 won per month, a total of 7.2 million won + savings interest
At maturity, you can withdraw your savings in the following ways:
Full withdrawal: If you continue to work during the account subscription period (3 years) and save more than 100,000 won per month, you can withdraw the entire amount. When withdrawing the entire amount, you must prepare a fund use plan and submit a cancellation request form and a request for payment of accumulated savings.
Partial withdrawal: If you are unable to continue working during the account subscription period (3 years) or if you save less than 100,000 won per month, partial withdrawal is possible. In case of partial withdrawal, you can only withdraw a portion of the amount you have saved, and the amount provided by the government will be refunded. In case of partial withdrawal, you must submit a cancellation request form and a request for payment of accumulated points.
Redemption: If you are subject to cancellation for reasons such as not working during the account subscription period (3 years), not paying your accumulated savings for 12 months, or not submitting a fund use plan, you can reclaim your money. When recovering, only a portion of the amount you have saved can be withdrawn, and all amounts subsidized by the government will be refunded. In case of redemption, you must submit a cancellation application and a request for payment of accumulated points.