South Korea: Consideration of giving two crore rupees for every child born

South Korea A cash payment of 100 million Korean won (73,000 US dollars or 20 million Pakistani rupees) to the parents of each child is being considered to increase the birth rate.

The South Korean government’s Anti-Corruption and Civil Rights Commission is conducting a public survey to gauge public opinion before implementing it.

The survey, which will begin on April 17, will ask four questions and try to find out if they think it is acceptable to spend 220 trillion won ($16 billion) a year on the program and whether financial incentives will help the country. I would be attracted to couples having children.

This amount is almost half of the current national budget which is less Birth rate 480 billion won per year has been earmarked for measures to combat

In a statement, the commission said, “We intend to reassess the country’s fertility policies through this survey to determine whether direct financial concessions can be an effective solution.” .

South Korea’s government and policymakers are scrambling to find new and innovative measures to address the crisis of declining birthrates. In 2023, the country’s birth rate fell to 0.72 children per woman, the lowest national birth rate.

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A number of factors are thought to be the cause of the country’s demographic crisis, but the main reason is thought to be Korean couples’ frustration with the rising costs and declining standards of daily life.

Under the government’s scheme to encourage parenthood, Korean couples receive between 35 million won (£20,566) and five million won (£20,566) through various incentive and support programs from the time their child is born until they reach the age of seven. 29,380 pounds)

The move comes as the head of a South Korean firm offered employees up to £59,000 to help them have children and boost the country’s birth rate.

The Boeing Group, a Seoul-based construction firm, plans to pay its employees 100 million Korean won each time they have children.

The company also said it will pay a total of 7 billion Korean won (4.2 million pounds) in cash to employees who have given birth to 70 babies between now and 2021. A company spokesperson said that it can be used by men and women.