Korea to triple baby payments in bid to tackle fertility crisis

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. - AFP

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

The handout will begin next year at a level of 700,000 won a month and then rise to the full amount in 2024, according to a budget proposal unveiled this week. Once the child turns one, the stipend will be reduced by half and run for a further year.