President Lee: "The Government Will Support Young People in Preparing for Their Future"

President Lee Jaemyung introduced the Youth Future Savings Account on the 4th, stating, "The government will support young people so that they can steadily prepare for their future."

On this day, President Lee announced on X (formerly Twitter) that "applications for the second round of the Youth Future Savings Account, which provides government support for part of the deposit amount, will begin on October 7." He further explained, "For this second round, eligibility criteria such as household income at or below 200% of the median income will apply, but starting next year, the program will be expanded to include all young people."

The Youth Future Savings Account is a three-year term savings plan that allows deposits of up to 500,000 won per month. Depending on eligibility and income, a preferential interest rate of up to 2% is offered, and based on the type of account, the government will contribute either 6% or 12% of the deposited amount. Interest income from this account is exempt from taxation.

Yonhap News Agency

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