The Financial Services Commission and the Ministry of Defense will allow young soldiers undergoing basic military training to enroll in the Youth Future Savings program while at training centers. This initiative aims to ensure that recruits do not miss the enrollment period, as the application and account opening process is conducted through a mobile app, which is typically restricted during training.
Starting June 22 and running until July 3, soldiers will be able to apply for the Youth Future Savings program, with account openings available from July 27 to August 7, even while at training centers. The program requires applicants to undergo a review and approval process by the Korea Financial Services Agency after submitting their application.
The Youth Future Savings program is a policy savings product aimed at young individuals. Since the application, identity verification, and account opening are done via a mobile app, smartphone access is essential. However, there were concerns that recruits might miss the opportunity to enroll due to restrictions on smartphone use during the initial training period.
As a result, soldiers who meet income requirements based on their previous year’s taxable income or certain non-taxable income, such as parental leave benefits and military pay, can enroll in the standard Youth Future Savings program. The preferential version is available only to those employed by small and medium-sized enterprises or small business owners as of the enrollment date.
To facilitate smooth enrollment, the Financial Services Commission recommends that soldiers install the mobile app of their preferred financial institution and complete membership registration, identity verification, and account setup before enlistment or application.
Military personnel can also enroll in the existing Military Tomorrow Preparation Savings or Long-Term Unemployment Savings alongside the Youth Future Savings program. Soldiers who enroll in both the Military Tomorrow Preparation Savings and the Youth Future Savings can accumulate up to 40 million won.
* This article has been translated by AI.
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