Miryang City to Launch Full-Scale Asset-Building Support Program for Low-Income Earners with Earned Income

Save 100,000 Won Monthly for 3 Years Starting in February
Receive Up to 300,000 Won in Government Support Each Month

Miryang City in South Gyeongsang Province will launch a full-scale asset-building support program starting in February, investing a total of 390.21 million won, including national funds, to help low-income households with earned income build assets and achieve self-reliance.

The asset-building support program provides government matching funds of between 100,000 won and up to 300,000 won per month, depending on household type, if participants save at least 100,000 won each month for three years. The program consists of three types, depending on eligibility: Hope Savings Account I, Hope Savings Account II, and Youth Tomorrow Savings Account.

Miryang City Hall exterior view.

Support details by type are as follows: 'Hope Savings Account I' targets households receiving basic living or medical benefits. If participants save at least 100,000 won per month for three years, they receive a government subsidy of 300,000 won per month.

'Hope Savings Account II' is for households receiving housing or educational benefits and for those in the near-poor category. If participants save at least 100,000 won per month for three years, the government subsidy increases each year: 100,000 won per month in the first year, 200,000 won in the second year, and 300,000 won in the third year.

The 'Youth Tomorrow Savings Account' is for working youth aged between 15 and 39 whose household income is at or below 50% of the median. If participants save at least 100,000 won per month for three years, they receive a government subsidy of 300,000 won per month.

The first round of applications this year will be for the 'Hope Savings Account II,' which will be accepted at local administrative welfare centers from February 2 to 24. The application schedule for each account is as follows:

Hope Savings Account I: March 3-13 (1st round), June 1-15 (2nd round), September 1-14 (3rd round), November 2-16 (4th round); Hope Savings Account II: February 2-24 (1st round), July 1-27 (2nd round), October 1-26 (3rd round); Youth Tomorrow Savings Account: May 4-20.

Applications can be submitted at the administrative welfare center for your place of residence. For more information, contact the Resident Welfare Division at Miryang City Hall or the Asset-Building Support Program Call Center (1522-3690).

A city official stated, "We hope this program will serve as a ladder of hope for hardworking low-income households, helping them accumulate significant savings and establish a stable foundation for self-reliance."

This content was produced with the assistance of AI translation services.