Youth Tomorrow Chaeum Deduction: Who Qualifies and What You Get
Learn how young workers in small and medium enterprises can build savings through a lump sum payout after staying with their company.
The Youth Tomorrow Chaeum Deduction is a savings program designed to help young employees build significant capital by staying with the same employer for a set period.
Who it's for
This scheme is intended for young workers between the ages of 15 and 34 who are currently employed at small or medium-sized enterprises.
What you get
If you remain with your employer for the required two to three years, you receive a lump sum payout. This amount is designed to be much larger than what you could have saved on your own through standard wages.
What it costs you
To participate, you must agree to a monthly contribution taken directly from your salary. This monthly amount is deducted to build your total savings pot.
The catch to know
The main risk is that the benefits are tied to your employment duration. If you resign or quit your job before the full term is completed, you will lose the portion of the savings that was matched or provided by the government.
How to apply
- Confirm with your employer that they are participating in the scheme.
- Check your eligibility based on your current age and company size.
- Complete the necessary enrollment steps through your company or the official portal.