Ansan City to Help Young SME Employees Build Savings: Save 100,000 Won a Month for 3 Years to Accumulate 4.8 Million Won

Ansan City, KOSME Sign Agreement on "Youth Preferential Savings Deduction"
Program for 100 People Aged 19-39 Also Cuts Employers' Contributions
Ansan City and KOSME to Contribute 960,000 Won; Employers to Add 240,000 Won

Ansan City in Gyeonggi Province, led by Mayor Lee Mingeun, is helping young people working at small and medium-sized enterprises save a lump sum. Participants save 100,000 won a month for three years, or 3.6 million won in total, and receive an additional 1.2 million won in support, bringing the principal to 4.8 million won, plus interest.

Ansan Mayor Lee Mingeun discusses measures to help young people employed by small and medium-sized businesses build assets through the “Ansan-style preferential savings program for young people” with officials on the 29th. Photo provided by Ansan City.

Ansan City said on October 30 that it had signed a business agreement on October 29 with the Korea SMEs and Startups Agency (KOSME) for the “Ansan-style Youth Preferential Savings Deduction.” The program aims to help young people build assets and encourage them to stay long-term at small and medium-sized enterprises.

Participating young people will contribute 100,000 won a month for three years. During the first two years, Ansan City and KOSME will each contribute 20,000 won per month, for a total of 960,000 won. In the final year, employers will contribute 20,000 won per month, for a total of 240,000 won.

Compared with the existing Preferential Savings Deduction for Employees, the principal accumulated by maturity for young participants will increase by 480,000 won, from 4.32 million won to 4.8 million won. Meanwhile, employers' contributions will fall from 720,000 won to 240,000 won over three years. The city said this is the first program of its kind to be introduced in the Seoul metropolitan area.

The program is open to 100 young people aged 19 to 39 who live in Ansan City and work at small and medium-sized enterprises. Participants must maintain their registered residence in Ansan City while the city’s contributions are being accumulated. Details of the program and the application schedule will be announced later on KOSME’s Tomorrow-Filling Mutual Aid website.

“It is important to support young people who work diligently at small and medium-sized enterprises so they can build assets steadily and prepare for the future,” Ansan Mayor Lee Mingeun said. “We will ease young people’s financial burden and help businesses secure talent and retain employees for the long term, creating an environment where young people and businesses can grow together.”

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