South Korea considers giving 1.9 billion VND in cash to each newborn baby

The Anti-Corruption and Civil Rights Commission of Korea conducted a public opinion survey on this idea on April 17.

“Through this survey, we plan to evaluate in advance policies to encourage an increase in the birth rate to determine whether direct financial support is an effective solution,” the Korea Herald quoted the announcement of the Anti-Corruption and Civil Rights Commission as saying.

The online survey asked four questions, including whether financial support would encourage respondents to have children and whether they agreed with the possibility of South Korea spending 11 trillion won annually on the program.

The figure is equivalent to half of South Korea's current budget for initiatives to change its low birth rate, which stands at 48 trillion won a year.

Currently, Korean parents receive about 35 million to 50 million won per child through various support programs and initiatives from the time their child is born until age 7.

The move comes amid growing warnings of a serious demographic crisis in South Korea. In 2023, the birth rate in South Korea fell to 0.72. This is the sixth consecutive year that South Korea has recorded a birth rate below 1, since 2018.

South Korea's fertility rate is already significantly below the 2.1 level considered necessary to maintain a stable population. It is expected to fall further to 0.6 in 2024.