Authorities put up Shs2.8 million monthly offer for couples to have children

The country's birth rate has reached critical levels as births shrank from 0.81 per woman in 2021 to 0.78 in 2022. This decline has already put the country at the lowest level globally, and if it continues the population will be half of what it is now by the year 2999.

The numbers are incredibly low as even those countries with low fertility rates rank higher than South Korea. For comparison, these countries include Spain which has 1.23 births per woman, Italy at 1.24, and Japan at 1.34.

However, to maintain a stable population, this rate must be at 2.1.

It is under these conditions that President Yoon Suk Yeol has called upon citizens to adopt a mindset of emergency which proposes new measures to encourage them to have children.

These measures try to mitigate the expenses of having children which seems to be the root cause of low birth rates.

To this end, last week, President Yoon announced that the government is going to raise the monthly allowance already in place for parents with toddlers below one year. It will be doubled from 300,000 Won to 700,000 Won and will be boosted in 2024 to one million Won ($770) per month.

The current average monthly salary in the country was $3,400 as of December last year.

This is an increase in the investment the country has made in trying to raise the birth rate, which has over a period of 16 years, cost them $200 billion without fruition.

Aside from the allowances, Yoon discussed plans to boost childcare, cut health expenses for toddlers, and help newlyweds with housing towards realising their goal.

However, more incentives might be required as children grow especially in education because South Korea has one of the most costly education systems globally relative to income.