Chungbuk to stop accepting new applicants for marriage savings scheme

Chungbuk province in South Korea will stop taking new applicants for its Happy Marriage Savings scheme next year, while continuing support for people already enrolled.

The scheme began in 2018 to help unmarried young workers, farmers and small-business owners save for marriage and encourage them to stay in their jobs.

Participants save 300,000 won a month, with matching contributions from local government and, for workers, their employers; receiving the full payout requires meeting marriage and job-retention conditions.

Many members have left the scheme early, and new applications have fallen: of 2,849 applicants, 1,172 cancelled or withdrew, while applications fell to 108 this year from 253 in 2024.

Chungbuk says the scheme has become less effective as social norms change and fewer young people apply.

A new savings plan will match young workers’ monthly deposits of 100,000 won, with the province and local governments adding the same amount.

After two years, participants can receive 5 million won, including savings, public contributions and an interest benefit from the partner credit union; enrollment is planned for January, with the program expected to start in April.