S. Korea to Triple Baby Payments After It Smashes Own Record for World's Lowest Fertility Rate

[Demovictory9]

https://www.bloomberg.com/news/articles/2022-08-31/korea-to-triple-baby-payments-in-bid-to-tackle-fertility-crisis

Korea to Triple Baby Payments After It Smashes Own Record for World’s Lowest Fertility Rate

South Korea plans to provide every family with a newborn child a monthly allowance of 1 million won ($740), in its latest move to encourage more births and try to address the world’s lowest fertility rate.

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Korea shattered its own fertility record in 2021 when the expected number of babies per woman slipped to 0.81 from 0.84 a year earlier. That shone a light on an already dire outlook with the United Nations predicting the population of 51 million will more than halve by the end of this century.

A shrinking workforce presents an array of challenges for policy makers that includes everything from stagnant economic growth to soaring welfare payments. Korea’s demographic problem may be a harbinger for the rest of the developed world that is also aging rapidly.