Gyeonggi Province Recruits 84 Out-of-Home Youth for Matching Savings Account Program

[Suwon Ilbo = Reporter Park No-hun] Gyeonggi Province is recruiting 84 youth participants for the 'Youth Matching Savings Account' program to support the economic independence of out-of-home youth who lack family protection. Applications will be accepted until the 21st.

According to the province on the 5th, the 'Youth Matching Savings Account' is a program in which if youth save between 10,000 and 100,000 won per month for 2 years, the province adds a matching amount double the savings (up to 200,000 won).

If the maximum amount of 100,000 won is saved, the province will provide 200,000 won in matching funds, allowing a total of 300,000 won to be accumulated each month.

The 2-year savings period can be extended up to two additional times, enabling accumulation of a total of 21.6 million won over 6 years (personal savings of 7.2 million won plus government support of 14.4 million won).

Savings can be used for purposes such as tuition, technical qualifications or job training, business startup, housing acquisition, medical treatment, and marriage to help youth establish stable independence in society.

Applicants must be residents of Gyeonggi Province aged 15 to 24 who have resided in a youth shelter for at least one year or have been discharged after residing there, or who have received support for at least 6 months from a youth independence support office after residing in a shelter for at least 6 months.

Those wishing to apply must prepare relevant documents from the 5th to the 21st and submit applications to their current youth shelter.

Youth who have been discharged from shelters may apply to the youth shelter where they last resided or the independence support office currently providing assistance.

Lee Moon-gyo, head of the Youth Division at Gyeonggi Province, said, "In the matching savings account project, which was first implemented nationwide in 2022, 116 youth from Gyeonggi Province are currently participating," and added, "We hope many youth will apply and benefit from establishing a foundation for independence."