Seoul, South Korea – the capital of the nation with the world’s lowest fertility price – launched a survey on Wednesday asking residents in the event that they accredited of an thought to pay 100 million received in money (about $72,500) to oldsters for each child their household welcomes.
The survey, according to the Korea Herald, will ask respondents if figuring out they’d obtain a serious money incentive would make them rethink their private household planning and in the event that they consider that this system expense, estimated to be round 22 trillion received ($16 billion), is cheap.
The thought is the most recent amongst a rising variety of initiatives proposed within the nation to encourage South Korean {couples} to think about parenthood, together with an already present advantages regime that gives parental depart, healthcare advantages, cheaper mortgages, and different longer-term support for fogeys from the federal government.
In January, the Korean Ministry of Health and Welfare debuted a big set of advantages for fogeys that included an identical upfront money bonus, however solely value 2 million received (about $1,500). The new initiative added to that bonus a “monthly salary” for these with youngsters beneath one 12 months outdated, well worth the equal of $728 and a program value half that for fogeys of youngsters between ages one and two.
South Korea logged a start price of 0.72 youngsters per lady of childbearing age in 2023, the world’s lowest price for a tenth 12 months in a row. Scientists take into account a 2.1 start price, or every lady of childbearing age having about 2.1 youngsters in her lifetime, “replacement fertility,” or the speed at which the whole inhabitants of a rustic will stay unchanged. A price of 1.3 and under is taken into account “very low.”
The variety of newborns in South Korea born in 2023 was virtually eight p.c decrease than within the 12 months earlier than.
Child security seats displayed on the market at Mom & Baby Expo in Ilsan, South Korea, on Saturday, March 2, 2024. South Korea set a recent document for the world’s lowest fertility price final month because the influence of the nation’s growing older demographics looms giant for its medical system, social welfare provision and financial development. (Jean Chung/Bloomberg through Getty)
In Seoul, the latest research have discovered the start price to hover at round 0.55 children per lady.
Struggles with inflation, housing costs, and different monetary issues typically come up as a proof for why South Koreans are having youngsters at a a lot decrease price than folks in each different nation on earth, although among the international locations with the world’s highest fertility charges are extra financially challenged. South Korea can be battling a rising anti-child tradition: “no-kid zones” have develop into a stylish approach for companies – corresponding to cafes, eating places, even public libraries – to maintain youngsters out of society, making life tougher for fogeys.
In response to the low start price, the federal government of conservative President Yoon Suk-yeol has prioritized top-down applications incentivizing the constructing of households. Local governments, corresponding to Seoul’s, have put forwarded their progressive plans to spice up the kid inhabitants within the close to future. Even Yoon administration officers have expressed a bleak outlook on the scenario, nevertheless. Finance Minister Choi Sang-mok in contrast South korea to the Titanic in remarks in December.
“A ship like the Titanic has no choice but to crash by the time it discovers a reef,” Choi lamented.
The $72,500 bonus contemplated within the survey launched in Seoul on Wednesday would be part of a number of different advantages for Seoul mother and father, as listed by the Korea Herald: “Currently, Korean parents with a child receive a sum ranging from 35 million won to 50 million won through various incentives and support programs from birth until the child reaches the age of 7.”
Aiming to incorporate all ladies of childbearing age in these advantages, Seoul officers additionally announced on Monday that it might provide a parental depart program paid for by the federal government for freelance and self-employed staff, which incorporates a big inhabitants of small enterprise house owners.
“The Seoul Metropolitan Government said Monday that it will provide 900,000 won ($652) in paid leave to pregnant self-employed individuals and freelancers,” the Korea JoongAng Daily reported, “making it the first locality to adopt such a measure for independent employees. Self-employed and freelance workers with pregnant wives will also receive 800,000 won in paid leave.”
The newspaper famous that over 800,000 folks in Seoul are self-employed, working cafes, eating places, and different small companies.
“Self-employed individuals and freelancers who are experiencing the joyful moment of birth under such challenging conditions are the true heroes of our time,” JoongAng quoted the mayor of Seoul, Oh Se-hoon, as saying.
The lump-sum bonus Seoul is contemplating is an thought it apparently borrowed from a personal company: the constructing firm Booyoung Group, which announced in February it might provide the identical sum, 100 million received, to workers for each start occurring whereas they work there.
“With the current pace of declining birth rate, the country is expected to be at risk of extinction 20 years from now,” the chairman of Booyoung, Lee Joong-keun, mentioned in February, asserting this system. “The company has adopted the ‘unprecedented’ incentives for employee families to help ease their financial burdens and difficulties in balancing work and life.”
“Booyoung has delivered a combined 7 billion won to 70 employees, either man or woman, who had one child or more since January 2021, the company said in a statement,” the Yonhap News Agency reported on the time.
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