S. Korea plans to spend extra 800 million U.S. dollars to solve low birth rate problem

  • 6 years ago
South Korea's birthrate has been falling... and although there have been numerous efforts to solve the problem, nothing has reversed the decline.
So the government has come up with a new approach.
Our Kan Hyeong-woo has more.

With South Korea's birth rate in freefall, the government has decided to increase benefits for parents in order to improve the quality of life for people having children.

The Presidential Committee on Ageing Society and Population Policy announced on Thursday the government will try to give more benefits to parents so they can have a better work-life balance,... by making more people eligible for benefits and providing greater financial support.

Planning to add 800 million U.S. dollars to next year's budget, the government aims to hand out more baby bonuses and improve the lives of parents.

Parents who could not receive benefits from the government in the past because they did not have employment insurance will get about 1300 U.S. dollars over a three-month-period for having a child.

Single-parents will be provided with more support as monthly financial aid for each child will increase by 30 percent and the benefits will continue until the child is 18, up from the current limit of 14.

The falling birth rate is a growing problem in South Korea,… and the country recorded its lowest ever birth rate of one-point-zero-five births per woman in 2017.
South Korea has been making efforts to increase the birth rate, but it has not reversed the downward trend.

The government's proposals for solving the problem of low birth rates will now be passed to the Ministry of Strategy and Finance to decide on the budget before heading to the National Assembly.
Kan Hyeong-woo, Arirang News.