'The government only cares about young people'The “Youth Leap Savings Account,” one of President Yoon Suk-yeol’s presidential election pledges, will be put in place from the second half of next year. Under the program, when young people save 400,000 to 700,000 won ($300 to $500) every month for five years, the government will top up the account by up to 6 percent.
The policy is for young people aged from 19 to 34, whose individual income is below 60 million won, with a household income of 180 percent or less of the median income. It is anticipated that up to 3.06 million young people will benefit from the policy.
The youth savings account was highly anticipated because it was designed to make saving 100 million won a possibility. However, the Yoon administration is planning to shorten the period of payments from ten to five years and curtail the allocation of budgets, downsizing the total amount of money that young people can save to 50 million won.
According to the released budget, the aid from the government, which would be given to young people when they pay 600,000 won a month, is predicted to be only 36,000 won, even when the maximum six percent is applied.
“The demand for 10-year savings accounts is not that big," said Lee Se-hoon from the Financial Services Commission. "And considering a range of other factors, five years would be more realistic.”
“He never keeps the promises he made during the election campaign.”
“He just made empty promises here and there to gain votes, not seriously thinking about the budgets.”
“The economic situation back in the presidential election campaign was totally different from what it is now. We need to tighten the belt for now.”
“It is reasonable to give up on unrealistic policies after thorough scrutiny.”
“How can we, older people, make ends meet? The government only cares about young people.”
“The administration needs to pay attention to those who are in their 40s or 50s and out of a job.”
BY KIM HA-YEONG, BY HAN HYE-RIM [firstname.lastname@example.org]