Gwangju City Selects 490 Participants for 6th Term of Youth13 Savings Account Program
1,639 Applicants... Competition Rate 3.3 to 1
[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Metropolitan City announced on the 12th that it has selected 490 participants for the 6th term of the ‘Youth 13 (Work+Life) Account Support Project,’ which is promoted for the better life (3) of working youth (1).
The ‘Youth 13 (Work+Life) Account’ is a financial welfare support project that pays 1 million KRW to working youth who save 100,000 KRW monthly for 10 months and participate in a financial capability enhancement program.
Reflecting the needs and characteristics of youth themselves, this small-amount short-term savings method and substantial financial education program have received great response and interest from many local youth. This year, 1,639 people applied, far exceeding the 490 selected, resulting in a competition rate of 3.3 to 1.
The final selection was conducted by public lottery to prevent stigmatization that could arise from income-based selection and to ensure fairness and transparency in the selection process.
Among the youth who met the eligibility requirements after document screening, 490 participants and 80 preliminary candidates for the 6th term were selected while being watched via YouTube live broadcast.
The selected participants will save their first month’s personal contribution of 100,000 KRW during the account opening period (14th to 23rd), hold a contract ceremony on the 3rd of next month, and participate in the Youth 13 Account program until January next year.
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Kim Young-seon, the city’s Youth Policy Officer, said, “We know that youth with weak economic foundations are experiencing many difficulties in work and life overall due to the COVID-19 situation, so the interest of youth in this 13 Account recruitment feels especially strong,” adding, “I hope the 13 Account will play a role like a timely rain in helping youth in the early stages of social entry settle down stably.”
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