The first recruitment for the Youth Future Savings account drew 2,343,000 applications, with 1,385,000 people completing sign-up. Financial authorities are reviewing an additional enrolment period in September as inquiries continue from young people seeking to join.

The Financial Services Commission and the Korea Inclusive Finance Agency said on Aug. 11 that a total of 2,343,000 people applied during the initial application period from June 22 to July 3.

Of those, 1,547,000 young people passed eligibility screening for individual and household income and other requirements. Final subscribers totalled 1,385,000.

By subscription type, the general plan accounted for about 983,000 people, or 70.9 percent of the total. Preferential-plan subscribers were about 389,000, or 28.1 percent. Subscribers who do not receive government contributions, including those with total annual pay of more than 60 million won and up to 75 million won, totalled 12,000, or 0.9 percent.

By age, those aged 25 to 29 were the largest group at about 524,000, or 37.8 percent. Those aged 30 to 34 were about 510,000, or 36.8 percent, while those aged 19 to 24 totalled about 290,000, or 20.9 percent.

The FSC and the Korea Inclusive Finance Agency are reviewing a plan to run an additional sign-up period in September as inquiries continued after the initial recruitment ended. Inquiries about additional recruitment received by the Korea Inclusive Finance Agency call centre total about 8,300.

The number of people who did not pass screening in the first recruitment was 796,000. Of those, 409,000 did not complete consent to confirm household members' income information or did not submit documents needed to verify household members. A total of 211,000 did not meet the individual income requirement, while 165,000 exceeded the household income limit.

The FSC said, "Young people who were unable to complete procedures for household member consent or submission of related documents during the initial recruitment period can apply again and undergo screening during the additional sign-up period."