The second round of applications for the 'Youth Future Savings' program, aimed at supporting long-term asset formation for young people, will close on October 16.
According to the Financial Services Commission on October 15, the application period, which began on October 7, will end at 6:30 PM on October 16. Eligible applicants are those born between November 17, 1991, and November 27, 2007, making them ages 19 to 34 during the account opening period from November 16 to 27. Young people who have completed military service can exclude their service period (up to six years) from their age calculation to broaden eligibility.
Interested applicants must submit their applications through the mobile apps of 14 participating institutions (KB Kookmin, Shinhan, Hana, Woori, NH Nonghyup, IBK, Suhyup, iM Bank, Busan, Gwangju, Jeonbuk, Gyeongnam, Kakao Bank, and Korea Post) before the deadline.
Income and preferential qualification assessments for applicants will take place from October 19 to November 13. To allow applicants to compare their type and assessment results, preliminary assessment results will be provided between October 30 and November 2, with an opportunity for appeals from November 2 to 5. Those who pass the assessment and receive final approval must open their savings accounts through the bank apps between November 16 and 27 (business days). It is crucial to adhere to this account opening period, as applications will not be accepted afterward.
Current holders of the 'Youth Leap Account' can switch to the Youth Future Savings program if they meet income requirements. Applicants who successfully apply during this second round can create a Youth Future Savings account during the upcoming account opening period (November 16-27) and request a special early termination of their Youth Leap Account for the purpose of transitioning to the Youth Future Savings program without penalties.
Notably, those who enroll now will be eligible for additional benefits if the government revises its policies in the future. If the National Assembly approves the proposed 2027 budget, which includes expanded eligibility and increased contribution rates, existing participants will also benefit retroactively. The current preferential contribution rate of 12% is set to rise to 15% (25% for employees of small and medium-sized enterprises outside the capital), and those with annual incomes between 60 million and 75 million won, who previously only received tax-exempt interest income, will also be eligible for general contributions retroactively.
* This article has been translated by AI.
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