South Korea's declining fertility rate and aging population pose a serious challenge. The government is implementing new policies aimed at encouraging births and supporting families.
South Korea 's government hopes a slew of new and upcoming policies will make a difference in its fight to reverse a looming population crisis.The nation's fertility rate, the lowest in the world, dropped further last year, with the average number of expected babies per woman decreasing to 0.72 in 2023 from 0.78 in 2022. The rate needed to sustain a population is 2.1.Newsweek reached out to the South Korea n embassy in the U.S. with a written request for comment.
Population Free FallWorkplace culture that makes it difficult for new mothers to balance careers and raising children, the rising cost of living in major cities, stagnant wages and increased emphasis among younger South Koreans on balancing their earnings so there's room for hobbies, self-care and travel are all having an impact.Earlier this month, the country's ministry of the interior announced the population had reached another grim demographic landmark: One in five South Koreans are now 65 years of age or older, putting it in the ranks of neighboring Japan as what the United Nations considers a 'super-aged society,' threatening the country's long-term economic resilience.The South Korean government has spent upward of $200 billion on initiatives to boost births since 2006, but there appears to be little to show for it.Its Presidential Committee on Aging Society and Population Policy remains cautiously optimistic, saying in a press release last week that central ministries and local governments have met 90 percent of related targets and predicting the fertility rate will have risen to 0.74 this year.New and Upcoming PoliciesEarlier this month, the committee announced it aimed to have 70 percent of fathers of children aged eight or younger take advantage of parental leave by 2030.That figure would match the percent of mothers of young children who did so in 2022, compared to less than 7 percent of father
POPULATION CRISIS SOUTH KOREA FERTILITY RATE GOVERNMENT POLICIES ECONOMIC RESILIENCE
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