The Postal Service Headquarters will launch the government policy finance product 'Youth Future Savings' to support young people in building assets.

The Ministry of Science and ICT's Postal Service Headquarters said on June 21 it will launch the 'Post Office Youth Future Savings' on June 22 and participate as a new handling institution.

Youth Future Savings is open to young people aged 19 to 34 who are wage earners with total annual pay of 75 million won or less, or applicants with comprehensive income of 63 million won or less. Small business owners with annual sales of 300 million won or less can also join if their household income meets the median income standard.

The product is a three-year, flexible deposit savings plan, with monthly payments of up to 500,000 won. Depending on the subscriber's annual income or annual sales and household median income standards, the government supports 6 percent or 12 percent of contributions as a government matching payment. Tax benefits also apply to interest income at maturity.

The base interest rate is 5.0 percent per year. Subscribers can receive preferential rates of up to 2.0 percentage points per year if they meet conditions including an income preference of 0.5 percentage points, completion of financial counselling of 0.2 percentage points, a first-time Post Office savings transaction or payroll transfer performance of 0.5 percentage points, debit card use of 0.4 percentage points, and automatic transfer of 0.4 percentage points.

Customers who join during an event period from July 27 to Aug. 7 will receive an additional 1.0 percentage point per year in preferential interest. If all conditions are met, an interest rate of up to 8.0 percent per year applies.

Those seeking to join must apply in advance from June 22 to July 3 and undergo eligibility screening by the Korea Inclusive Finance Agency. Subscriptions are available via Post Office Smart Banking and at post office counters nationwide.

To mark the launch, the Postal Service Headquarters will provide prizes including an iPhone 17 Pro, an iPad Air 13, and mobile gift certificates for Twosome Place, Baskin Robbins and Post Office Shopping. Existing Youth Leap Account subscribers who make a special early termination and then join Post Office Youth Future Savings will also receive, through a draw, 10,000 won Naver Pay vouchers for 2,000 people.

Postal Service Headquarters chief Park In-hwan (박인환) said it will use the nationwide post office financial network and digital channels so that young people can use financial benefits more easily and conveniently. He said it will continue to introduce various products to support asset building for financially vulnerable groups, including young people, the working class and small business owners.