The Seoul Metropolitan Government (SMG) will relax the income criteria for the “Double Hope Youth Savings Account,” a program through which the SMG returns double the savings amount through 100% matching. This year, the SMG will substantially expand the beneficiary count and select 7,000 new beneficiaries.
The income criteria will be lowered from KRW 2.37 million or less a month to KRW 2.55 million or less a month, considering the minimum wage increase, among other factors. As for the beneficiary count, it will be more than doubled from 3,000 last year.
“Double Hope Youth Savings Account” is an asset-building support program that helps young working people who experience uncertainties in designing their future establish detailed plans for the future so as to stably stand on their own feet. The foundation of this program is “Seoul Hope Plus Savings Account,” which Mayor Oh Se-hoon started as the first in the country in 2009 to help the hard-working low-income class secure a basis for financial independence Mayor Oh promised to expand the scope of “Double Hope Youth Savings Account” program through his “Young Seoul” pledge.
When a young working person saves KRW 100,000–150,000 per month steadily over two to three years, double the total savings amount (including interest) will be returned through additional accumulation from the budget of the SMG and private financial resources.
Through the “Double Hope Youth Savings Account” program, the SMG has helped a total of 11,049 young people build assets over the last six years (2015–2020). The SMG will select 7,000 beneficiaries this year with investments of KRW 14.7 billion. Over the next five years until 2025, the SMG will select 7,000 new beneficiaries annually, adding to a total of 35,000.