“Put in 2.4 million won, get 5 million won” ... Where can you get a savings plan that doubles your money?

[Financial News]  A “Youth Double Savings Account” is being pursued in North Chungcheong Province. Young people working there can receive 5 million won by saving 100,000 won a month for two years.
According to News 1 and other outlets on the 10th, North Chungcheong Province said it had signed an “Agreement on Youth Asset Building and Regional Settlement” with the Saemaul Geumgo Federation and would pursue a “Youth Double Savings Account for Young People Starting Their Careers” program.
The program is for unmarried working young people aged 19–29 who live in North Chungcheong Province and whose individual income is no more than 120% of the median income. If a young person saves 100,000 won a month, the local government will also deposit 100,000 won, bringing the total after two years to 2.4 million won in personal contributions and 2.4 million won in matching support. An additional 200,000 won in preferential interest from Saemaul Geumgo (an annual rate of 9.46%) brings the total payout at maturity to 5 million won. 
Participants must live in North Chungcheong Province and maintain their employment for two years to receive the matching funds. Those who marry or have a child during the enrollment period will also receive an additional congratulatory payment of 100,000 won for each event. 
The province plans to support 2,500 people annually, for a total of 10,000 during the ninth popularly elected administration. The program’s costs will be shared, with the province covering 30% and cities and counties covering 70%.
The program was developed in response to proposals from young people at the launch ceremony of the North Chungcheong Youth Provincial Government Participation Group, who said young people starting their working lives were struggling to build assets. The agreement was reached after Governor Shin Yong-han proposed cooperation to the Saemaul Geumgo Federation.
Governor Shin said, “It is meaningful that the suggestions from young people have become tangible policy,” adding, “I will bring about changes that young people, the future of North Chungcheong, can feel.”

[email protected] Kim Su-yeon Reporter