Youth Leap Account: Who Qualifies and What You Get
Learn how young adults in South Korea can receive monthly government matching contributions to help build long-term savings.
The Youth Leap Account is a savings program designed to help young adults build significant assets through government-supported contributions.
Who it's for
This scheme is available to young adults between the ages of 19 and 34. To qualify, your annual personal income must be below ₩75M.
What you get
If you participate, the government provides a matching contribution of up to ₩24,000 every month. This support continues for a period of five years, helping your savings grow faster than a standard account.
What it costs you
To receive the benefits, you must commit to making monthly deposits consistently for the full five-year term. You will also need to undergo an income verification process to prove you meet the eligibility requirements.
The catch to know
It is important to stay committed to the full term. If you choose to withdraw your funds early, you will lose the government matching grants and any associated tax benefits.
How to apply
- Verify that your age and income fall within the required limits.
- Gather the necessary documents to prove your income status.
- Follow the application instructions on the official portal.
- Visit https://ylaccount.kinfa.or.kr to get started.