The Seoul city government is launching a new initiative to encourage marriage and childbirth by providing financial assistance to newlyweds starting in 2025.
SEOUL: As South Korea grapples with a demographic crisis, the Seoul city government is intensifying efforts to encourage marriage and childbirth with a novel initiative providing financial assistance to newlyweds. Starting in 2025, couples who register their marriage in Seoul will receive 1 million won (US$685) to help alleviate the financial strain of commencing a new life together.
The program, as outlined in a report, is accessible to couples who register their marriage within Seoul starting January 1, 2025, and maintain an average monthly income below 5.89 million won. This initiative, projected to benefit approximately 20,000 couples, is structured to support newlyweds with essential household expenses such as appliances and furniture, thereby facilitating a smoother transition into married life. According to the Seoul Metropolitan Government, this financial aid aims to mitigate some of the costs associated with establishing a new home, offering a stimulus to couples aspiring to start their families.This move constitutes part of a broader strategy to tackle South Korea's persistently low birth rate and aging population. Data from Statistics Korea reveals that Seoul recorded 38,568 births in 2024, signifying a 5.1% increase from the preceding year. The city's endeavors to support marriages, encompassing policies like long-term lease deposit support for newlyweds and infertility assistance, have contributed to reversing the downward trend. A government official remarked that Seoul is dedicated to sustaining this positive trajectory and will continue to evaluate and expand measures aimed at enhancing birth rates. Nationally, South Korea witnessed a modest surge in births in 2024, with the Ministry of the Interior and Safety reporting a total of 242,334 births, a notable upturn after years of decline. The government is concentrating on various strategies, including tax cuts and subsidies, to encourage young people to marry and have children, marking a significant shift in addressing the country's demographic challenges
SOUTH KOREA DEMOGRAPHIC CRISIS MARRIAGE CHILDBIRTH FINANCIAL ASSISTANCE SEOUL CITY GOVERNMENT BIRTH RATE
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