The South Korea Financial Services Commission has reminded eligible applicants that the second Youth Future Savings Account application round closes at 6:30 p.m. on Oct. 16. Applicants born from Nov. 17, 1991, through Nov. 27, 2007, may apply through the mobile apps of 14 participating institutions, with up to six years of military service excluded from the age calculation. Eligibility screening will run from Oct. 19 through Nov. 13. Preliminary results are tentatively scheduled for Oct. 30 through Nov. 2, followed by an opportunity to appeal from Nov. 2 through Nov. 5. Successful applicants must open their accounts on weekdays from Nov. 16 through Nov. 27. Eligible Youth Leap Account holders may switch by first opening a Youth Future Savings Account and then requesting the designated special early termination of their existing account. The commission also reiterated that proposed 2027 changes would apply retroactively to existing account holders if approved by the National Assembly. These would raise the preferential government contribution rate from 12% to 15%, or 25% for workers at small and midsize enterprises outside the Seoul metropolitan area, and extend the general contribution to an income tier that currently receives only the interest income tax exemption.

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