Local governments across South Korea are grappling with a looming demographic crisis. (Image courtesy of Yonhap)
BUSAN, Jun. 24 (Korea Bizwire) – As local governments across South Korea grapple with a looming demographic crisis, one district in the city of Busan is taking an unprecedented approach: offering substantial financial incentives for couples who meet through government-sponsored matchmaking events and decide to marry.
Saha District in Busan announced on June 22 that it has secured funding for a “Singles’ Meeting Day”, scheduled for October. The budget for this initiative was approved by the district council on June 17 as part of the 2024 supplementary budget.
This pilot program, initially focusing on Korean nationals, targets individuals born between 1981 and 2001 who either reside or work in Saha District. Participants will be selected through a document screening process, followed by interviews to assess compatibility and increase the likelihood of successful matches.
What sets this program apart is its comprehensive support structure, covering everything from initial meetings to marriage. Matched couples will each receive 500,000 won for dating expenses. An additional 1 million won per person will be provided for family meetings between the couples’ parents.
The most striking aspect of the initiative is the promise of a 20 million won congratulatory payment for couples who marry. Furthermore, newlyweds can receive either a 30 million won deposit for a rental home or up to 800,000 won monthly in rent support for a maximum of five years.
While some local governments in South Korea offer marriage incentives for young people, it’s rare for a government-led matchmaking program to provide such substantial marriage bonuses.
A Saha District official stated, “After this October’s pilot event, we plan to expand the program next year to include foreign residents, potentially hosting monthly events.” The district is home to approximately 2,000 foreign students and workers, along with 1,600 multicultural families.
M. H. Lee (mhlee@koreabizwire.com)
