South Korea has always had one of the lowest fertility rates in the world, and it was not expected that in 2020 there would be a “death crossover” in which the number of deaths exceeded the number of births for the first time, raising a new alarm on the population issue.
According to the BBC, only 275,800 babies were born in South Korea last year, a 10% drop from 2019, but the number of deaths reached 307,764.
The data prompted the South Korean Interior Ministry to call for a “fundamental change” in its policies. The aging population has increased the demand for health care system and pensions, adding to the pressure on public spending, while the declining youth population has led to a labor shortage that has directly affected the economy.
South Korean President Moon Jae-in last month launched a number of policies to address the low birth rate, including family allowances.
According to the policy plan, starting in 2022, each baby will receive 2 million won in incentive payments after birth, in addition to 300,000 won per month until the baby is one year old, and from 2025, the incentive payments will be increased to 500,000 won per month.
What are the reasons behind the declining fertility rate?
Most of the factors are influenced by the fact that Korean women are struggling to balance employment and living standards.
One such woman is Kim Hyun-woo, the eldest of four children, who dreams of having a large family of her own. But in the face of a family-unfriendly Korean society, she has had to rethink her fertility plans.
She was recently offered a new job, but was immediately anxious about taking maternity leave in the future,” Kim told reporters, “Everyone told me it was safer to have a stable job first.
Soaring housing prices are another major reason, Kim said, adding that the rate of price hikes is out of reach for young couples. “To have a child, you have to have your own house, but that has become an impossible dream in Korea,” she added, adding that she does not believe in the incentives offered by the government, “Raising a child is very expensive, and even if the government offers hundreds of thousands of won again, it won’t solve the problem “.
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