South Korea's Financial Services Commission and the Korea Inclusive Finance Agency have detailed eligibility and revised application procedures for the second Youth Future Savings Account round. Applications will run from Oct. 7 to 16, eligibility reviews from Oct. 19 to Nov. 13 and account openings from Nov. 16 to 27. Applicants must now select their category as a general income earner, small and medium enterprise employee or small business owner, and will receive preliminary assessment results with an opportunity to appeal before final decisions. The three-year account permits monthly contributions of up to KRW 500,000, with government matching of 6% or 12% and tax-exempt interest. It is available to people aged 19 to 34 who meet personal and household income requirements, with up to six years of military service excluded from the age calculation. Small business applicants must obtain valid certificates for every operating business before applying, while qualifying small and medium enterprise employees and small business owners may receive the preferential 12% match. Existing Youth Leap Account holders will receive another opportunity to switch without losing government contributions or interest tax benefits on their existing savings. They must first qualify for and open a Youth Future Savings Account, then complete the Youth Leap Account's special early termination procedure during the account-opening period. Eligible military personnel undergoing basic training will also be supported in applying and opening accounts by smartphone.

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