South Korea’s Bold Move Government Incentives for Marriage Amidst Record Low Birth Rates

Incentives to Boost Marriage and Birth Rates in an unprecedented move to combat its critically low birth rate, South Korea is offering substantial financial incentives to couples who marry and have children. With the fertility rate in the country plummeting to just 0.72 children per woman, the South Korean government and local administrations have introduced a range of monetary rewards to encourage marriage and family life.

Financial Rewards for Marriage

Couples who get married in South Korea can now benefit from a generous financial scheme. The total incentives can amount to approximately 71 lakh rupees. The program is designed to provide both immediate and long-term support to newlyweds, aiming to alleviate the financial burden of starting a family.

Details of the Incentive Program

In the city of Busan, a pilot program has been launched offering specific benefits:

•Couples who agree to live together receive $604.

• If two families consent to the marriage, they are awarded $1,200.

•Upon marriage, couples can earn a reward of $24,000 (20 lakhs) and either a house valued at $36,000 (31 lakhs) or monthly rent support of $960 for five years.

This initiative aims to address South Korea’s demographic challenges by providing substantial financial aid to those who marry and raise children, thus hoping to reverse the trend of declining birth rates.