If a young person pays 500,000 won each month for three years, the "Youth Future Installment Savings" will pay up to 2.16 million won (12% of the paid principal) separately from interest, and it will launch in June next year. Compared with the "Youth Leap Account" introduced under the Yoon Suk-yeol administration, the payment period is shortened from five years to three, and the size of the government contribution is increased from up to 6% of the principal to 12% to help young people build a lump-sum fund more quickly.
Minister of the Office for Government Policy Coordination Yoon Chang-ryeol announced on the 22nd the "People's Sovereignty Government Youth Policy Direction," which contains these details.
The Lee Jae-myung administration set the slogan for youth policy as "Youth policy for all." The naming signals that not only low-income and vulnerable groups but also "general youth" will be targeted for policy support.
The Youth Future Installment Savings, scheduled to launch in June next year, is a representative asset-building support policy. Compared with the Youth Leap Account, the payment period is reduced from five years to three, and the government contribution is expanded from 3%–6% to 6%–12%.
If a young person with an annual income of 60 million won or less and at or below 200% of the median income pays the maximum monthly amount of 500,000 won for three years, a government contribution of 1.08 million won (6%) will be provided. Interest is separate. Young people newly employed by small and medium-sized enterprises fall under the "preferential type," receiving a government contribution of 2.16 million won (12%).
Youth housing support policy will also be strengthened. The government will convert the "Youth Monthly Rent Support" policy, which provides up to 200,000 won in monthly rent for two years to young people who are houseless and low-income, from a temporary program to an ongoing program, and will gradually expand the eligible recipients.
It will also expand public sale housing that young people can afford and increase the supply of public rentals in preferred areas. The Ministry of Land, Infrastructure and Transport plans to supply 28,000 units of youth rental housing in the Seoul metropolitan area by 2030.
Of the 10 tiers of the national scholarship, the support amounts for tiers 1–8 will be raised from at least 100,000 won to as much as 400,000 won to help with education costs.
In addition, it plans to ease young people's transportation costs by introducing a "public transportation flat-rate pass" that allows 200,000 won worth of public transportation use per month for a payment of 55,000 won.
It will also run a program introducing "decent workplaces" to help young people who are taking a break find jobs. In particular, long-term unemployed young people whose jobless status lasts six months or more will receive focused support through centers such as "First Step to a Job."
For young people highly motivated to seek jobs, it will provide job training that can lead to entry into quality jobs. To help them find jobs at high-preference AI and big data corporations, it will expand training programs for cultivating professionals offered by Samsung Electronics and SK hynix, and, when the training ends, support them so that it can lead to hands-on experience and hiring.
For young people taking on the challenge of starting a business, it will create an environment where they can try again even if they fail. Through the "Startup Rookie Project," the government will build a startup safety net, and for young people with experience closing a business, it will provide a package of support including analysis of the causes of failure and consulting through a separate track.
For 50,000 young people who get jobs at small and medium-sized enterprises outside the Seoul metropolitan area, it plans to provide an incentive of 4.8 million won if they remain employed for two years after hiring, and 7.2 million won in areas with population decline.
To actively reflect young people's voices in major policy decision-making processes, it will establish six expert committees under the Prime Minister's direct "Youth Policy Coordination Committee," with 60 young people participating. It also plans to fill 10% of the seats of commissioners in 227 government committees with young people.
Minister of the Office for Government Policy Coordination Yoon Chang-ryeol said, "We will stand by young people so that they can take their first steps with stability, become self-reliant through their own efforts, and grow with confidence into the subjects of policy."