Find out how to apply for the Youth Tomorrow Filling Deduction. Youth Tomorrow Filling Deduction is a national project that supports young people, the government, and companies to raise 12 million won for two years so that young people can work for a long time at small and medium-sized businesses. Let’s find out about the youth tomorrow filling deduction that will be newly changed in 2023.
Tomorrow’s Filling Deduction for Youth
Tomorrow’s Filling Deduction for Youth
index
1. What is Youth Tomorrow Filling Deduction?
2. Conditions for subscribing to Youth Tomorrow Filling Deduction and contents of support
3. What has changed in the Youth Tomorrow Filling Deduction in 2023
4. How to apply for Youth Tomorrow Filling Deduction
5. In case of early termination
What is Youth Tomorrow Filling Deduction?
It is a system that supports young people’s asset formation so that young people, companies, and the government jointly accumulate deductions for two years to raise KRW 12 million at maturity so that young people can work in small and medium-sized businesses for a long period of time.
Young people can build their careers at an early stage and lay the foundation for future design through this. Companies support the stable employment of excellent human resources.
Tomorrow’s Filling Deduction for Youth
Tomorrow’s Filling Deduction for Youth
Tomorrow’s Filling Deduction for Youth
Youth Tomorrow Filling Deduction Subscription Conditions and Details of Support
condition of youth
•Adolescents between the ages of 15 and 34.
•Limited to military veterans, up to the age of 39 in proportion to the length of service.
•Subscribe within 6 months of hiring a full-time employee.
•Regular workers refer to workers without a fixed period, excluding dispatched workers and fixed-term workers.
•Those whose monthly wages are less than 3 million won, who are employed for the first time in their lives, or who have been enrolled in employment insurance for less than 12 months.
company conditions
•Companies with 5 to less than 50 people insured by employment insurance.
•SMEs in the manufacturing and construction industries that have hired the above youth as full-time employees.
Support contents
•Youth, business, and government jointly accumulated KRW 12 million over two years.
•Youth Contribution: Accumulated by the young person himself. 20 months ✕160,000 won, after 4 months✕ 200,000 won ➡️4 million won for 2 years
•Corporate Contributions: Companies accumulate funds for young people. 20 months ✕160,000 won, after 4 months✕ 200,000 won ➡️4 million won for 2 years
•Government subsidy: The government accumulates, and 2 million won (employment insurance fund) of the government subsidy is provided to young people in the form of corporate support (paid to a corporate virtual account). 600,000 won in the first month, 700,000 won in the 6th month, 700,000 won in the 12th month, 1 million won in the 18th month, 1 million won in the 24th month➡️4 million won in 2 years
Tomorrow’s Filling Deduction for Youth
Tomorrow’s Filling Deduction for Youth
Changes in Youth Tomorrow Filling Deduction
From 2023, the Youth Tomorrow Filling Deduction will be different. Youth Tomorrow Filling Deduction is a project that supports manufacturing, construction, and small businesses that are experiencing serious manpower shortages. In order to improve youth employment, the business has been efficiently improved since 2023.
Unlike before, participating companies were limited to small and medium-sized enterprises (SMEs) engaged in manufacturing and construction among those with 5 or more and less than 50 employees. In addition, the accumulation method has changed, so youth, government, and companies must collect 4 million won each for two years.
The biggest change is that from 2023, you can sign up simultaneously with the ‘Youth Tomorrow Filling Deduction’, the ‘Youth Tomorrow Savings Account’ implemented by the Ministry of Health and Welfare, and the ‘New Youth Contract Account’ supervised by the Financial Services Commission. Therefore, it is expected to be of great help in building assets for young people from the underprivileged.
Until 2022, corporate contributions were differentiated according to the size of the company, but from 2023, it was changed to 100% corporate contribution.
Tomorrow’s Filling Deduction for Youth
Tomorrow’s Filling Deduction for Youth
Tomorrow’s Filling Deduction for Youth
Tomorrow’s Filling Deduction for Youth
Tomorrow’s Filling Deduction for Youth
Tomorrow’s Filling Deduction for Youth
How to apply for Youth Tomorrow Filling Deduction
Young people and companies wishing to participate in “Youth Deduction”, which has changed in 23 years, “Worknet-Youth Deduction”
(www.work.go.kr/youngtomorrow). There are various documents other than the youth deduction application form and the consent form for the collection and use of personal information. See below.
Tomorrow’s Filling Deduction for Youth
Tomorrow’s Filling Deduction for Youth
After companies apply for participation in WorkNet, young people must enter the participation application form. Application for participation must be submitted to the employment center having jurisdiction over the location of the company. Please check the registration process in advance to avoid any mistakes.
Tomorrow’s Filling Deduction for Youth
Tomorrow’s Filling Deduction for Youth
In case of early termination
It would be best to pay well for 2 years and get a refund at maturity, but the refund may be paid if the contract is not maintained.
Tomorrow’s Filling Deduction for Youth
Tomorrow’s Filling Deduction for Youth
•Refunds are paid when contracts are canceled, subscriptions are withdrawn, or are terminated in the middle after accumulating deduction installments. As for the refund payment, the installments accumulated until contract cancellation and subscription withdrawal are paid to each accumulation entity (youth, company, government).
•If the refund for early termination is terminated for reasons of the company, the youth contributions and corporate contributions (corporate contributions before 2023) are paid to the youth. However, the government subsidy is differentially paid to young people in the amount of 50-100% of the reserve fund depending on the subscription period.
•However, in case of cancellation due to the youth, contributions are paid by subject (company → business, youth → youth), and government subsidy is paid from 0 to 50% of the accumulated amount according to the subscription period.
Tomorrow’s Filling Deduction for Youth
Tomorrow’s Filling Deduction for Youth
Tomorrow’s Filling Deduction for Youth
Tomorrow’s Filling Deduction for Youth
Tomorrow’s Filling Deduction for Youth
Tomorrow’s Filling Deduction for Youth
The Youth Tomorrow Filling Deduction seems to be a mutually beneficial system for small and medium-sized businesses and young people. It is good for job seekers to have a chance to make a lot of money by referring to it. For more information, please refer to the Worknet homepage and the youth deduction subscription homepage.