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The Policies for Youth

작성자HANBAT HERALD  조회수19,331 등록일2024-07-03
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The Policies for Youth

By Han Ha-yeong Reporter, Junior of English Language and Literature

Do you know there are support policies and benefits for youth who will lead the future? Recently, there have been several policies involving young people in many ways. The following includes an introduction to the different programs for young people and how they can help us.

  1. Youth Leap Account

  • What: It is a policy that offers up to 6 percent monthly government contribution and tax exemption (tax-free/non-taxable) of interest income if you pay optionally within 700,000 won monthly for a maturity of 5 years.

  • Who

  • Individual income: The people whose total salary is under 75 million won. The total income amount is set at 63 million won. However, the tax exemption without government contribution applies only if the individuals earned more than 60 million won but less than 75 million won.

  • Household income: 180 percent or less of the median income depending on the number of household members.

  • How: You can apply through the 12 banks’ websites for two weeks every month. The application period will be announced separately on the KINFA website. (Details may change.)

  1. Youth Housing Dream Subscription Account

  • What: It is a government program to support young people who plan to buy a home. If they deposit for a certain time, the government will provide a portion of their saving, and offer them housing priority. 

  1. Youth Employment Support Fund for Vacant Positions

  • What: It is a program that provides supporting funds of up to 2 million won to young people working in small companies such as manufacturing, restaurants, agriculture, shipping, and fisheries to narrow the wage gap. (You can check your qualifications by accessing ‘Work24.’)

  1. National Technical Qualification Examination Fee

  • What: It is a program that the Human Resources Development Service of Korea supports 50 percent of the examination fees of national technique qualification for young people to minimize the financial burden of job-seeking and career development.

  • How: When you accept the application, choose and pay for the supported test.

  • Limit: 3 per person per year, until the support budget is exhausted.

There are some benefits and opportunities for young people to get a better education, more job opportunities, and a better quality of life. Those who are interested in or qualified should check the policies and take full advantage of them.


 

Qualification

BENEFITS

1

19 to 34 years old (up to 6 years, excluding military service)

· Government contribution

· Tax exemption

· Preferential rate

2

· 19 to 39 years old

· Only people with a household income of 100 percent or less

· Must not own or have owned a home in the past

· Saving 6 months to 5 years

The government will provide 20 percent of your savings. (Up to 2.4 million won per year, for a total of 12 million won)

Having the priority opportunity to be distributed to the government-designated house.

3

· South Koreans between 15 to 34 years old who have been employed full-time for more than 3 months without any break.

· Apply after passing the period of continuous service (3 months/6 months) and have been employed.

· The work has had to be confirmed at least 30 hours per week as a full-time job.


4

Up to 34 years old (Born after January 2, 1989)