South Korea Boosts Fertility Rates: Incheon Offers Up to 100 Million Korean Won Subsidy for Births Up to Age 18
Korea's fertility rate has been declining for years, causing a national crisis. Last year, the total number of newborns was only 249,000, the lowest on record. In order to save the fertility rate, the Incheon city government has launched the "100 Million Plus My Dream" program, a birth subsidy program, which provides a subsidy to all Incheon-born babies up to the age of 18 years old.
According to foreign news reports, Incheon Metropolitan Mayor Yoo Jung-bok announced on the 18th "100 million Plus My Dream" maternity subsidy program to grab the low fertility rate. On the basis of the existing Incheon maternity benefits of 72.5 million won, an additional 28 million won of subsidies, totaling about 100 million won of maternity subsidies to the age of 18, to stimulate the birth rate.
"The Child Dream Subsidy is mainly for babies born next year (2024). Starting from the age of 8, a monthly subsidy of 150,000 won will be provided until the child reaches the age of 18, and the total amount of subsidy will be 19.8 million won. Children who have already been born but have not yet reached the age of 8 will also receive the "Children's Dream Subsidy" on a pro-rata basis in the future.
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