Population worry of South Korea has made the government take some measures. One of the oldest populations in the world, South Korea is aging fast and it is not helping them.
The last year was particularly a concern for them. The country saw the birth of 275,800 babies, 10% lesser than 2019. However, death has reached 307,764.
The government looked into damage control measures. They have made ‘fundamental changes’ to the policies.
President Moon Jae-in has announced a new scheme from 2022. Under the scheme, with every child born, a cash bonus of 2million won ($1850) will be paid to cover the parental expenses. A monthly payout of 300,000 per month will also be paid until the baby turns one. The incentive is to increase to 500,000 per month from 2025.
Population worry of South Korea
It is a huge concern and impact on the country. An aged country needs to spend millions and billions on the healthcare system and retirement pension. Also, the country would be hit by the labor shortage.
But why there are less birth? As per a BBC report, the women in South Korea find it hard to have a balance between career and family. Everyone focuses on their career and focuses less on the family. Real estate is also another reason. The expensive real estate does not let the young couple buy their own home and that restricts them to have a family as well. Raising a child is very expensive in South Korea and the current scheme would be of no help believe many.
Maybe, a more fundamental change is required to arrest the decline of the population.