Applications for the Youth Future Savings Plan have topped 2 million. With the deadline approaching, all young people who meet the eligibility requirements can sign up, and late-stage demand is expected to continue.
The Financial Services Commission and the Korea Inclusive Finance Agency said on Wednesday that cumulative applications stood at 2.012 million as of 1 p.m. that day.
Applications for the Youth Future Savings Plan began on June 22. Applications are open until 6:30 p.m. on July 3, and young people who have not yet applied can do so regardless of their birth year.
After applications close, eligibility screening will take place for 3 weeks from July 6 to 24. The results will be notified individually to applicants on July 24.
Young people who pass the screening can open an account for 2 weeks from July 27 to Aug. 7. After opening an account, they can make monthly deposits freely from 1,000 won to 500,000 won.
Switching from the Youth Leap Account to the Youth Future Savings Plan is also allowed only during the initial recruitment period.
Ji-young Lee
ljy@d-today.co.kr