SEOUL, Aug. 31 (Korea Bizwire) — South Korea said Tuesday it will introduce parental subsidies to support parents struggling with childbirth and child rearing.
The state budget plan for 2023, endorsed by the Cabinet, showed that the government will pay 700,000 won (US$522) each month to families with a child that has yet to turn 1 and 350,000 won for those with a 1-year-old.
The government has been providing 300,000 won each month to families rearing toddlers under 2 years of age. Now, it is introducing the new parental subsidies to increase the amount of financial support.
By 2024, the government will offer 1 million won each month for families with a child 12 months old or younger, and 500,000 won for those with a 1-year-old.
The government also plans to increase childbirth and child rearing support for low-income groups and single-parent households.
The 200,000 won child-rearing subsidy for single parents will become available to those earning less than 60 percent of the median income, instead of the previous 52 percent.
The 350,000 won child-rearing subsidy for single parents with teenage children will become available to those earning less than 65 percent of the median income, instead of the previous 60 percent.
The government will invest 4.7 trillion won to provide childbirth and child-rearing subsidies to parents and vulnerable groups next year, which is 1.1 trillion won more than this year.
Lina Jang (firstname.lastname@example.org)