"Deposit 500,000 won for Three Years and Receive a Lump Sum of 22.55 Million Won"—Second-Round Recruitment for Youth Future Savings

[Financial News] The Financial Services Commission (FSC) will accept second-round applications for Youth Future Savings from October 7 to 16. The measure is intended to expand young people’s opportunities to build assets. Applicants who pass the screening process will be able to open their accounts from November 16 to 27. They may deposit up to 500,000 won per month at their discretion. Those who deposit 18 million won over three years will receive up to 21.38 million won under the standard type and up to 22.55 million won under the preferential type.
The government contribution matching rate is 6% of the standard-type monthly deposit and 12% for the preferential type. If the 2027 budget proposal passes the National Assembly of the Republic of Korea as submitted, the preferential rate will be retroactively raised to 15%, or 25% for those working at small and medium-sized enterprises in regional areas.

On the 16th, the FSC announced that it would accept second-round applications for Youth Future Savings in cooperation with related institutions, including the Korea Inclusive Finance Agency. The program is open to young people aged 19 to 34, specifically those born from November 17, 1991, through November 27, 2007. Those who have completed military service may exclude up to six years of service from the age calculation.
Account holders may deposit between 1,000 won and 500,000 won per month at their discretion for three years. Income requirements also apply. Eligible applicants are young people with total annual wages of 75 million won or less, or small business owners with annual sales of 300 million won or less, whose household income is no more than 200% of the median household income. Income screening will be based on 2025 income. Employees of small and medium-sized enterprises, newly employed workers and small business owners may join under the preferential type. The standard type is available to small business owners with annual sales of 300 million won or less and individuals with total annual wages of 60 million won or less. The preferential type is available to employees of small and medium-sized enterprises with total annual wages of 36 million won or less and household income at or below 150% of the median, as well as small business owners with annual sales of 100 million won or less. The government contribution matching rates are 6% for the standard type and 12% for the preferential type.
Second-round applications will be accepted on October 7 and 8 under an odd-even system based on the final digit of the applicant’s birth year. From October 12 to 16, applications may be submitted regardless of the birth year. Eligibility screening will take place from October 19 to November 13, and successful applicants may open accounts at designated financial institutions from November 16 to 27. Accounts can be opened at major banks or a post office.

The second-round recruitment will provide existing Youth Leap Account holders with an additional opportunity to switch to Youth Future Savings. The two accounts cannot be held simultaneously. However, holders will be supported in opening a new Youth Future Savings account through special early termination of their Youth Leap Account without incurring losses.
According to an FSC survey, 54% of the 1,245 Youth Leap Account holders surveyed said they were willing to switch. Those who wish to switch should apply for and complete the screening for Youth Future Savings, open the account, and then apply for special early termination of their Youth Leap Account.
If the 2027 budget proposal for reforms to Youth Future Savings passes the National Assembly of the Republic of Korea, the government plans to pay the increased preferential-type contributions retroactively to existing account holders as well. The preferential contribution matching rate is scheduled to rise from 12% to 15%, and to 25% for those working at small and medium-sized enterprises in regional areas. Expanded eligibility will apply beginning with the 2027 recruitment round after approval by the National Assembly of the Republic of Korea.
The FSC and the Korea Inclusive Finance Agency plan to improve the application screening system and enhance applicant convenience by strengthening the verification system for the preferential type for employees of small and medium-sized enterprises, as well as advance guidance and support at each stage of the process. For preferential-type screening, they will establish a cross-verification system using information from KoDATA (Korea Rating & Data) and other sources, provide preliminary screening results in advance, and offer applicants an opportunity to explain or contest the results. They also plan to respond promptly to inquiries by expanding server capacity and increasing call-center staff.
[email protected] Park Moon-soo Reporter