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The Seoul city government plans to invest 6.7 trillion won (£3.7bn) over the next two years to boost the South Korean capital’s birth rate through housing support and household subsidies.
The initiative comes as Seoul’s birth rate shows signs of recovery, with a 6.6 per cent increase in newborns from April to August compared to the previous year, according to officials cited by Yonhap news agency.
The new investment plan is nearly double the money spent by the city government over the past two years, the officials added.
The South Korean government has been working to develop solutions to tackle the country’s birth rate crisis. In 2023, the rate dropped to 0.72 children per woman, the lowest in the world.
The latest plan includes providing 5,000 long-term rental homes for newlyweds, monthly housing subsidies for parents without homes, and financial assistance for couples to help with wedding and furnishing costs.
The project’s first phase supported caregivers with financial aid for infertility treatments and easier access to social benefits for larger families. In the newly announced second phase, the city will add 35 initiatives, totalling 87 policies.
A key part of the initiative supports non-homeowner newlyweds and prospective parents with a housing subsidy totalling 720,000 won (£400) over two years. Starting in January 2025, this aid will ease financial pressures that deter family growth, initially helping 1,380 families and expanding to 4,140 by 2026, officials said.
According to the new plan, the city will raise the rental deposit loan limit for newlyweds from 200m to 300m won (£111,370 to £167055), with interest rate support extended for 10 years, The Korea Herald reported.
In addition, long-term lease apartments will be given, including 1,000 units in 2024 and 4,000 units per year from 2026 in places like Dunchon-dong in Gangdong-gu.
Seoul will offer a 100,000 won (£55.70) monthly allowance to employees covering for colleagues on parental leave, aiming to foster a supportive work culture, local media reported.
To address income gaps during maternity leave, the city will pay up to 900,000 won (£501) for the last 30 days of the 90-day leave period, which employers don’t typically cover.
Starting in 2025, Seoul will extend maternity and paternity leave support to freelancers and solo entrepreneurs, providing 900,000 (£501) won to pregnant self-employed women and 800,000 won (£445) to self-employed individuals with pregnant spouses.
Struggling newlyweds will receive up to a million won (£557) for wedding and home furnishing costs, benefiting over 20,000 couples in 2025.
To support family-friendly spaces, the city will expand its Seoul Kids Cafe network by 400 locations by 2026 and establish early-morning childcare centres in all 25 districts, allowing parents to drop off children before school.
