The second round of applications for the Youth Future Savings Program will begin on the 7th. Financial authorities have revised the application process, allowing participants to select their account types and providing an opportunity for existing Youth Leap Account holders to switch to the Youth Future Savings Program.
According to the Financial Services Commission and the Korea Inclusive Finance Agency on the 6th, applications for the second round will be accepted from the 7th to the 16th, excluding weekends and holidays. Applications can be submitted from 9 a.m. to 6:30 p.m.
On the 7th, youth born in odd-numbered years can apply, while those born in even-numbered years can apply on the 8th. From the 12th to the 16th, applications will be open to all regardless of birth year. Applications can be submitted online through the financial institution's app without the need for additional documentation.
In this second round, the application process has been streamlined to allow applicants to directly select their relevant category, such as general income earners, small business employees, or self-employed individuals. The review will be based on income from 2025, and eligible small business employees, new hires, and self-employed individuals can enroll at a preferential matching rate of 12% for government contributions.
Additionally, existing Youth Leap Account holders will have the opportunity to switch to the Youth Future Savings Program. Interested individuals must first apply during the enrollment period and pass the review. They can then open a Youth Future Savings account and apply for a special early withdrawal for the purpose of joining the Youth Future Savings Program during the account opening period.
The Youth Future Savings Program allows contributions of up to 500,000 won per month for a three-year term, with the government providing a contribution of 6% or 12% of the deposited amount and exempting interest income tax. Eligible participants are youth aged 19 to 34 who meet income and household income requirements. This enrollment period is open to those born between November 17, 1991, and November 27, 2007.
* This article has been translated by AI.
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