The Youth Leap Account, a key youth pledge of the Yoon Seok-yeol administration, is expected to be launched in June next year.
Today (23rd), the Financial Services Commission announced that the 2023 appropriation budget of 3.8 trillion won, including the operating budget for the Youth Leap Account, and the expenditure plan for the relevant fund of 34 trillion won were finalized.
The Youth Leap Account is a policy-type financial product that supports the formation of assets for young people. With the goal of launching the product in June next year, we have secured KRW 367.8 billion in budget contributed by the Small Finance Agency.
The Financial Services Commission explained, "We plan to allow young people between the ages of 19 and 34 with a personal income of less than 60 million won and a household income of less than 180% of the median income to join." "Product details will be announced in the future."
The Youth Hope Installment Savings, launched in February this year, secured KRW 360.2 billion in budget for next year with plans to end the business while paying incentives in February-March 2024, when the two-year maturity ends without additional subscription.
Regarding the innovative growth fund, the KDB's investment budget of 300 billion won has been finalized for next year.
The Financial Services Commission plans to create an innovative growth fund worth 3 trillion won annually from next year, a total of 15 trillion won for 5 years, using fiscal investment funds as a priming water, to help start-ups and venture companies grow into unicorn companies.