South Korea’s Child Benefits: Increased to 29.6 million won ($22,100) over 8 years starting 2024

Photo by Yohan Cho on Unsplash

Quick Take: South Korea’s child benefits are ramping up to address its critically low birth rate. In 2024, a range of expanded benefits will be available for families, totaling 29.6 million won ($22,100) for a single child over eight years.

Key Measures: The “First Encounter Vouchers” program provides immediate financial support upon a child’s birth, offering 2 million won for the first child and 3 million won for the second. This support extends to expenses like postnatal care and children’s products.

Monthly Support: Parents will receive 1 million won monthly in the first year and 500,000 won monthly in the second year, totaling 18 million won for the initial two years. Additionally, the government will pay 100,000 won monthly for eight years, summing up to 9.6 million won.

Varied Benefits: South Korea’s child benefits now covers child-rearing expenses for kindergarten and nursing centers, with the amount varying based on family income and composition.

Application Process: Parents must apply within 60 days of a child’s birth to receive full benefits, retroactive to the birth month.

Expert Insights: While cash support is positively impacting birth rates. Experts and families emphasize the need for better publicity and a simplified application process. Seoul National University’s Professor Lee Chul-hee suggests using various platforms, including social media, to increase policy accessibility.

Demographic Concerns: Statistics Korea forecasts a continued decline in the fertility rate, predicting 0.68 in 2024 and 0.65 in 2025. The country already has the world’s lowest rate, dropping to 0.72 this year from 0.78 in 2022.

The post South Korea’s Child Benefits: Increased to 29.6 million won ($22,100) over 8 years starting 2024 appeared first on Stop Population Decline.