A financial system for young people that allows them to continuously double their principal every year is being implemented in Seoul. This year, the ‘Seoul City Hope Double Youth Account’ has finally announced the recruitment of new subscribers!
We are recruiting on a first-come, first-served basis only for a limited period of 11 days, so be sure to read the period and application information carefully to take advantage of this great benefit! I hope you enjoy it.
1. 2024 Seoul Hope Double Youth Passbook recruitment period, number of recruits, and target of membership
[Recruitment period]
11 days from Monday, June 10, 2024 to Friday, June 21, 2024
[Recruitment number]
The total number of people recruited is 10,000, and the number of people recruited is allocated to each autonomous district in Seoul. The competition rate over the past two years is somewhat high at 40%.
[Subscription target]
① Area of residence: Young people living in Seoul
② Age: Young people aged 18 to 34 (born between 1989 and 2006)
③ Employment status: Young people who have worked for more than 3 months in the past year (work for more than 10 days is recognized as 1 month) or are currently working for more than 3 months.
④ Earned income: Monthly average of 2.55 million won or less before tax (※ Base period: June 2023 ~ May 2024)
⑤ Parent or spouse’s income: less than KRW 100 million per year (pre-tax monthly average of KRW 8.34 million), property less than KRW 900 million (the standard period is the same as earned income)
2. 2024 Seoul City Double Hope Youth Passbook Support Amount and Agreement Details
[Support amount]
The monthly savings amount and support provided by the Seoul City Hope Double Youth Account are as follows. You can save for more than 2 years and up to 3 years. At maturity, you will receive double the principal as a matching support amount and receive interest when you save every month. If you meet the requirements, please apply without fail to increase your seed. !
Category Remarks
If you save 150,000 won every month
interest excluded
Matching support amount: 150,000 won
Total savings 7.2 million won for 2 years
3 years 10.8 million won
[Contents of Agreement]
In addition, in order to receive savings from the Seoul Hope Double Youth Account, there are a few things you must follow during the subscription period, so please do not miss them.
Must reside in Seoul during the contract period (except if the address is outside of Seoul during the review period)
Work is recognized only at registered businesses.
Professional soldiers such as non-commissioned officers can also apply (regular soldiers and alternative military service are not permitted)
Siblings can apply at the same time
Savings must be made once a month for more than 50% of the contract period.
Maintain working status for more than half of the contract period
Completed financial education at least once a year
If monthly payments become difficult, if more than 50% of the contract period has been paid, the account will be maintained and matching support will be paid only for the amount paid.
3. How to apply for the 2024 Seoul Double Hope Youth Passbook and required documents
There are two ways to apply for the 2024 Seoul Hope Double Youth Passbook: online and in person.
[How to apply]
Online application In-person application
How to apply Seoul Welfare Foundation Asset Formation Support Project Site Administrative Welfare Center (Resident Center)
Submission forms can be downloaded from the Seoul Metropolitan Government, Seoul Welfare Foundation, and 25 autonomous district websites.
[Required Documents]
When applying, you must submit basic documents (①~④) and proof of employment (⑤)!
The basic submission documents can be downloaded from the website provided in the application method above, but it is best to use the ‘Seoul City Welfare Foundation’ website, which has application and document forms to apply online as easily as possible.
① Membership application form
② Personal information provision consent form
③ Social security benefit application (change) form
④ Consent to provide financial information
⑤ Proof of employment: Document confirming employment for more than 3 months
*You can prepare proof of employment in the form of ‘Confirmation of Health Insurance Qualification’ or ‘Withholding Tax Receipt’. Click the link below to check mobile and PC issuance methods, respectively!
Go to mobile issuance guide for health insurance qualification certificate
Click here for PC issuance of health insurance qualification certificate
4. 2024 Seoul Double Hope Youth Passbook Inquiry
Call Center: 1688 – 1453
Website: Seoul Welfare Foundation Asset Formation Support Project 1:1 Inquiry Bulletin Board
Instagram: account.welfare.seoul.kr
5. Concluding the post on the 2024 Seoul Double Hope Youth Passbook
Even if you apply for the 2024 Seoul Hope Double Youth Passbook, which I would also like to benefit from, there is a limit to the number of applicants, and you will be selected after reviewing the requested documents. If you are currently participating in a Seoul City support project such as the Seoul Youth Rent Support or Youth Allowance, or are signing up for a Cheongcheon Tomorrow Savings Account, you cannot be selected. Please note this and young people working in Seoul should not miss out on the benefits and receive double the principal!! go for it!