[K Club Korean Encyclopedia] Give money when you have a baby! The South Korean government will issue a monthly childcare subsidy of RMB 500,000 to RMB 1 million to families with children aged 0-1 starting next year.

Starting from 2024, the South Korean government will increase subsidies for families with children under 2 years old.

Recently, South Korea passed a partial revision of the Child Benefit Act Implementation Order. The new plan changes the additional allowance for children under 2 years old from “500,000 (KRW, the same below) per month”to “more than 500,000 per month, by presidential decree.”stipulated amount”.

The original “parental subsidy”provided a monthly subsidy of 700,000 to families raising children over 0 years old, and a monthly subsidy of 350,000 to families raising children over 1 year old. In 2024, the amount of this subsidy will increase to 1 million and 500,000 per month respectively. In addition, families raising children under the age of 8 will also receive a monthly child allowance of 100,000.

None — (Photo source: Committee on Low Birth Rate and Aging)

Last year, South Korea’s Central Conservation Policy Committee met to finalize the “Fourth Medium- and Long-Term Conservation Basic Plan.” Against the background of South Korea’s total fertility rate being only 0.81, a record low, the plan proposes the development direction of childcare services in the next five years (2023-2027), focusing on increasing support and improving comprehensive support and childcare for families with children. Service quality, parent allowance and child allowance are among the benefits.