Starting in 2022, the government provided families with 2 million won ($1,500) for each child born to assist parents in meeting prenatal expenses. This year, this amount increased to 3 million won for a second child or more and 5 million won for twins. Increasing the cash bonus may raise the level of satisfaction for policy recipients and assist their household economy, but such satisfaction does not last long and the policy is not expected to induce additional births in the long term, the institute said in its report. In 2022, Korea registered a total fertility rate of 0.78, surpassing its own previous record for the world’s lowest fertility rate. This has led various government offices as well as private companies to draw up and prepare relevant policies in a bid to overcome the significantly decreasing fertility rate that is feared to accelerate the demographic cliff, referring to a major decline in the working population.
Expanded Cash Bonus for Childbirth Shows Limited Impact on South Korea’s Falling Birthrate
Date:
Updated: [falahcoin_post_modified_date]
More like thisRelated
Revolutionary Small Business Exchange Network Connects Sellers and Buyers
Revolutionary SBEN connects small business sellers and buyers, transforming the way businesses are bought and sold in the U.S.
District 1 Commissioner Race Results Delayed by Recounts & Ballot Reviews, US
District 1 Commissioner Race in Orange County faces delays with recounts and ballot reviews. Find out who will come out on top in this close election.
Fed Minutes Hint at Potential Rate Cut in September amid Economic Uncertainty, US
Federal Reserve minutes suggest potential rate cut in September amid economic uncertainty. Find out more about the upcoming policy decisions.
Baltimore Orioles Host First-Ever ‘Faith Night’ with Players Sharing Testimonies, US
Experience the powerful testimonies of Baltimore Orioles players on their first-ever 'Faith Night.' Hear how their faith impacts their lives on and off the field.
