This unique policy is designed to offer continuous support from the prenatal stage to the age of 18. (Image courtesy of Korea Bizwire)
INCHEON, Dec. 19 (Korea Bizwire) – The city of Incheon has introduced a groundbreaking birth policy aimed at addressing the alarming decline in birthrates. In a press release on Monday, Mayor Yoo Jeong-bok acknowledged the national crisis and unveiled the “100 Million+ i Dream” initiative, which pledges 100 million won for every child born in Incheon.
This unique policy is designed to offer continuous support from the prenatal stage to the age of 18. Going beyond mere financial assistance, the initiative seeks to identify and address gaps in existing national policies, ensuring targeted and expanded support where it is most needed.
In addition to the existing 72 million won allocated for parental benefits, child allowance, first meeting vouchers, and educational expenses from elementary to high school, Incheon will contribute 28 million in additional support, including child allowances, and transportation expenses for pregnant women.
This comprehensive support totals 100 million won, and the city aims to provide additional assistance, ranging up to 340 million won, based on individual circumstances and income.
The impetus behind Incheon’s bold move is the persistent decline in the national birth rate. With Korea’s total fertility rate reaching a disconcerting 0.7 in the third quarter of this year, the government has spent a staggering 380 trillion won from 2006 to address the issue, yielding limited results.
Ranked last among 236 countries globally, Korea’s fertility rate is notably the lowest among the 38 Organization for Economic Cooperation and Development (OECD) nations. Anticipating a further decline in the birthrate in the fourth quarter, Yoo has expressed skepticism regarding the efficacy of the government’s substantial financial investments in traditional policies.
Given this backdrop, Yoo has advocated for a radical shift in approach, asserting that conventional measures are no longer sufficient. Incheon’s 100 Million+ i Dream birth policy, set to launch next year, prioritizes seamless support throughout a child’s development.
“We anticipate filling the blind spots in national policies and significantly boosting support where it is most needed,” Yoo emphasized.
M. H. Lee (mhlee@koreabizwire.com)
