The Youth Leap Account is a current government system that allows young people to make a leap forward by creating an account so that they and the government can save up to 700,000 won each at an annual interest rate of 3.5% to collect a total of 50 million won after 5 years. It’s a product that will be released in June of this year, so if you meet the subscription conditions, you must proceed according to the application period, right? For those who do not have enough time, please refer to the button below so that you can easily check the registration conditions and application period.
Youth Leap Account Application Guide
Conditions for joining the Youth Leap Account
We will explain the conditions for joining the Youth Leap Account.
◎Age (subscription age): Young people between the ages of 19 and 34 (up to 6 years can be extended for those who have completed military service)
👉 (Shortcut to age calculator only)
◎Income standards: Must have an annual income of KRW 75 million (180% of the median income) from work or business.
◎Maximum monthly payment of 700,000 won, maturity of 5 years
◎Youth Desired Installment Savings cannot be duplicated (can be subscribed at the time of early termination or maturity)
👉 (Find out the mid-term termination of the Youth Desired Installment Savings Savings, the maturity date)
Youth Leap World
To sum up, young people between the ages of 19 and 34 must have an annual income of 75 million won or less, and if they meet the standard of 180% or less of the median income, they are eligible for the Youth Leap Account. If you want to know your median income standard here, we have prepared the button below, so it would be nice to check it out.
Median Income Verification
Youth Leap Account
Application period and method
1. Application Period
The application period for the youth leap account we want to do is that we will receive applications from June 2023 to December 31. After recruiting candidates for 2 weeks every month, when the application is completed, the applicant will be contacted at the end of the 2-week screening process. It would be good if you knew in advance that the application for membership → income evaluation → maintenance evaluation is carried out in the order.
2. How to apply
The agency that handles the Youth Leap Account is not yet known. Therefore, it is said that it will be announced to the public according to the financial institutions that will be decided later. We have prepared a button for the Small Finance Promotion Agency below, so it would be nice if you could go in and check it whenever you have time.
Small Finance Promotion Institute
Youth Leap Account
voice of the people
First of all, there are people who talk about the problem of age. If you are one year older than 34 years old, you will be excluded from the target to apply. There is no system that differentiates the age difference at all, so young people who do not receive benefits with a difference of 1-2 years are expressing regret.
👉 (Shortcut to age calculator only)
What follows is the discussion of reverse discrimination against those who have worked hard. There are also voices that are dissatisfied with the policy that the more you earn, the less support you receive.
Youth Leap Account
Youth Leap Account
Finally, a period of 5 years. It is pointed out that the period of benefits that can be received only if it is maintained intact for 5 years is too long. It is said that there are voices of concern about the lack of reality because they have to endure for a long time.
Contribution payment limit and matching ratio according to individual income
Next, you may be wondering about the contribution limit and match ratio according to individual income. I have prepared the table below, so please refer to it.
personal income
(Based on gross salary) Contribution limit (months) Contribution matching rate Contribution limit (months)
24,000,000 ↓ ~400,000 6.0% 24,000
36,000,000 ↓ ~500,000 4.6% 23,000
48,000,000 ↓ ~600,000 3.7% 22,000
60,000,000 ↓ ~700,000 3.0% 21,000
75,000,000 ↓ – – –
Youth Leap Account
The interest rate of financial institutions is fixed for 3 years + variable for 2 years
– The level of interest rates by handling institution will be announced on the website of the Financial Association.
-Preferential interest rates for young people from low-income families
Youth Leap Account
Receipt at maturity when the maximum monthly payment is 700,000 won
Please refer to the table below for the maturity receipt when you pay the maximum monthly limit of 700,000 won to your Youth Leap Account.
Personal Income Monthly Payment Principal Interest Rate Interest Government Contribution Received at Maturity
24,000,000
Below 700,000 42,000,000 4% 4,270,000 1,440,000 47,710,000
5% 5,337,550 48,777,500
6% 6,405,000 49,845,000
36,000,000
Below 4% 4,270,000 1,380,000 47,650,000
5% 5,337,500 48,717,500
6% 6,405,000 79,785,000
48,000,000
Below 4% 4,270,000 1,320,000 79,590,000
5% 5,337,500 48,657,000
6% 6,405,000 49,725,000
60,000,000
Below 4% 4,270,000 1,260,000 47,535,000
5% 5,337,500 48,597,500
6% 6,405,000 49,665,000
As above, the Youth Leap Account is a system in which the interest rate increases according to individual income, the government contribution decreases, and the maturity benefit increases.
Youth Leap World