Gwangju City has introduced a new initiative called the 'Gwangju Youth Job Creation Savings Program,' which aims to help local youths accumulate significant savings. Under this program, if participants save 5 million won over a period of two years, both the local government and participating businesses will contribute an additional 500,000 won each, bringing the total accumulated amount to 10 million won. This initiative is designed to encourage long-term employment and retention within small and medium-sized enterprises (SMEs) in the Gwangju area.

The program is targeted specifically at those aged between 19 and 39 who are regular employees in SMEs with at least five staff members. To be eligible, participants must also have a monthly income that does not exceed 150% of the median income for a one-person household, which is approximately 3.84 million won. Those who are already enrolled in other asset formation programs or have received similar assistance in the past are ineligible for this project. As of now, 316 young employees from 154 SMEs are already participating, and Gwangju City plans to enroll an additional 51 participants this year.

Applications for the program opened on the 19th and will be accepted on a first-come, first-served basis through the 'Gwangju Youth Integrated Platform.' Companies must submit the necessary application forms, and after evaluating income and business criteria, selected candidates will be notified individually. Gwangju City is also incentivizing participating businesses by awarding them points towards being recognized as 'excellent job creation companies' and allowing them to claim contributions to employee savings as business expenses.