The Busan Metropolitan Government is launching a welfare program to help low-income young residents build financial assets.
The city said it will accept new applications for the Youth Tomorrow Savings Account from the 4th to the 20th. Under the program, working youth who save a fixed amount each month receive matching earned income incentives from the government, helping them accumulate a lump sum.
Eligibility is limited to working youth aged 15 to 39 who belong to households earning 50 percent or less of the median income, including basic livelihood security recipients and the near-poor class. Final selections will be made in August following reviews of income and asset criteria.
Upon maturity after three years, participants can receive up to 10.8 million won ($7,800) in earned income incentives, plus interest and additional support based on their policy category. According to the city, this enables participants to build assets worth more than double their own savings. The accumulated funds can be used to establish a foundation for independence, including startup ventures, education, and housing.
Applications can be submitted in person at the community service center in the applicant's registered district or online through the Bokjiro website. Inquiries about the program can be handled 24 hours a day through the "Jarip Kkuldanji" chatbot operated by Busan city.
The city has continued to expand self-reliance support policies in response to the widening asset gap among young people and the unstable employment environment. This program, too, focuses on laying a long-term foundation for economic independence rather than providing short-term assistance.
"The Youth Tomorrow Savings Account will serve as a foundation for young people not only to save money but also to design their own future and become self-reliant," said Jung Tae-ki, director of the city's Social Welfare Bureau. "We will carry out the program without disruption to help local youth build stable assets."
