Government to Invest 6.1 Trillion Won Next Year to Address Low Birth Rate

The government has allocated 6.1 trillion won to support marriage, childbirth, and childrearing in order to address the low birthrate problem next year. This is 800 billion won more than the previous year, and the direction is to convert some support measures that were centered on tax deductions into cash support and to integrate and expand the system. Starting in January next year, married couples who register their marriage will receive 1 million won once in their lifetime. Childbirth support will also be strengthened, with 10 million won in cash for the first child, 12 million won for the second child, and 15 million won for the third child and beyond. Additional support will be provided for residents of preferential local areas, while the existing parental allowance will be abolished. The child allowance will be expanded in both the amount paid and the eligible age range. Support, which is currently at the level of 100,000 to 120,000 won per month, will rise to 200,000 to 300,000 won starting next year, and additional support will be provided if children aged 0 to 1 are cared for at home. The government is also considering improving the system so that the allowance is paid without a separate application. In addition, the "Our Child SelfReliance Fund," which helps build longterm savings from the time of birth, will be newly introduced. Under a system in which parents and the government contribute together, government support will vary depending on income level. The Youth Future Savings account, a savings product for young people, will ease eligibility requirements so that anyone aged 19 to 34 can join, and the government matching ratio will also be increased in some cases.