SEOUL — In an effort to alleviate the housing burden for families with young children and combat the nation's critically low birth rates, South Korea's presidential committee on population policy announced new measures on Monday.
According to Yonhap News Agency, the new policy will prioritize families with children under two years old in the allocation of government-leased housing, removing existing size restrictions on public housing for these households. Previously, a family of three was restricted to homes no larger than 50 square meters. This change is part of broader government efforts to address demographic challenges, including the effects of an economic slowdown, high housing costs, and evolving social norms that have led many young people to delay or forego marriage and childbearing.
The total fertility rate in South Korea has fallen to a record low of 0.72 in 2023, far below the 2.1 births per woman needed to maintain a stable population without immigration. In response, the government last month unveiled additional measures aimed at revitalizing the birth rate, such as loans and tax cuts for families with children.
Furthermore, the government is tackling unfair practices in the wedding industry, including excessive penalties for contract cancellations and the bundling of unnecessary services, with plans to investigate wedding business contract terms in August. The antitrust regulator is set to establish standard contract guidelines for these businesses by the first half of 2025.
Additionally, the committee discussed enhancing support for small and medium-sized businesses that hire temporary staff to replace employees on parental leave, increasing the monthly subsidy from 800,000 won to 1.2 million won (approximately US$867).
"We plan to promptly carry out follow-up policies so that the people can feel the impact in the near future," stated the committee, underscoring a commitment to tangible, rapid improvements in support for families.