Around February, I saw many advertisements about the 2022 Youth Installment Savings on social media. The 2022 Youth Installment Savings is a financial product that provides tax-free benefits and savings incentives to help middle- and low-income youth form assets. It targets young people aged 19 to 34 who have less than 36 million won of total salary or less than 26 million won of total income. The payment limit is 500,000 won per month and is a two-year maturity savings account. It provides a higher interest rate than other installment savings, as it can receive an additional 2% in the first year and 4% in the second year. Since I entered university and became an adult, I have been saving money by part-time jobs. Therefore, I thought it was a suitable financial product for me to subscribe to, whose goal is to steadily save money even if I have low income.
In the first week when the 2022 Youth Installment Savings application began, it was conducted on a five-part system according to the year of birth. I visited the bank on the day of the week suitable for my birth year. However, I was told that there was no income after 2020, so I was not subject to the 2022 Youth Installment Savings account opening. This was because the workplace where I worked hired part-timers without a labor contract. Accordingly, I could not report my earned income.
At first, I thought it was unfair. There were friends around me who could not open the youth savings account, but there were also friends who did open. Some of them experienced a short-term part-time job of 10 hours for two years. Another friend had never worked, but was only recognized as a documentary proof that he worked at the workplace of his parents, who are self-employed. The idea was that I could save more sincerely after working steadily for two years than those who have only worked for 10 hours or who have not actually worked.
So far, I only have made a point of doing what I can and saving money through it, but this experience has also led me to think about the importance of legal contractual relationships. I have often seen friends who do part-time jobs with illegal employment without a labor contract, as I did. Many beginners to society are often ignorant of laws such as labor contracts. However, even if they are well aware of such laws, they are often dragged as their employers tell them to do. This is because immediate income is essential even if a legal labor contract is not made.
Installment savings products with high interest rates are very helpful system for young people. However, young people who are really in need may not even have joined. Is 2022 Youth Installment Saving made for middle and low-income youth really helping them?
Park Seo-yeon email@example.com
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