Second Round of Youth Future Savings Applications Begins October 7... SME Employee Review System Improved

Odd-Even Birth Year System on October 7 and 8; Open Application from October 12 to 16

Up to 500,000 Won Monthly Contribution for Three Years

Government Matching Contributions and Tax-Free Interest Income Benefits

The government will begin accepting applications for the second round of Youth Future Savings subscriptions starting October 7. In this second round of applications, the subscription review system has been improved so that employees at small and medium-sized enterprises (SMEs) can directly select their employment status with an SME at the application stage, thereby reducing inconvenience experienced during the review process.

The Financial Services Commission and related organizations, including the Korea Inclusive Finance Agency, announced on September 16 that the application period for the second round of Youth Future Savings subscriptions will begin on October 7 in order to expand asset-building opportunities for young people.

Youth Future Savings is a product in which subscribers make monthly contributions ranging from a minimum of 1,000 won to a maximum of 500,000 won for three years, and the government provides matching contributions as a certain percentage of the subscriber's payments and offers tax exemption on interest income.

Eligibility is limited to young people aged between 19 and 34. During this second subscription period, those born between November 17, 1991, and November 27, 2007, can apply. For individuals who have completed military service, the duration of their service—up to six years—can be excluded from the age calculation.

Eligibility requires that the applicant is a worker with total annual salary of 75 million won or less, or a small business owner with annual sales totaling 300 million won or less, and household median income not exceeding 200%. The income screening is based on income earned in the previous year, which is 2025. Employees at SMEs, newly hired workers, and small business owners who meet certain criteria can apply for a preferential plan. The Financial Services Commission also explained that, if the 2027 Youth Future Savings government budget is finalized through parliamentary review, preferential matching contributions will be retroactively provided to existing Youth Future Savings subscribers.

The second round of applications will be accepted from October 7 to October 16. On October 7 and 8, a system based on odd or even last digits of one's birth year will be implemented, and from October 12 to 16, anyone can apply regardless of birth year. Application results will be individually notified, and successful applicants can open accounts at Youth Future Savings financial institutions from November 16 to November 27.

This second round will also provide an additional opportunity for existing Youth Leap Account subscribers to switch to Youth Future Savings. The eligible individuals and detailed procedures will be notified individually at a later date.

The Financial Services Commission has also improved the subscription review system, including strengthening the preferential verification process for SME employees. At the application stage, applicants can now directly select whether they are employed by an SME.

In addition, before the final review outcome is confirmed, preliminary review results will be shared with applicants in advance. Furthermore, if the application type selected by the applicant at the application stage is different from the preliminary review result, the applicant will have an opportunity to check and explain the discrepancy.

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