The Republic of Korea’s (ROK) government is ramping up efforts to address its escalating population crisis, as the nation’s fertility rate—already the lowest in the world—dropped from 0.78 in 2022 to a record low of 0.72 in 2023. The fertility rate required to sustain a population is 2.1, Newsweek said.
Key factors contributing to the crisis include a demanding workplace culture that discourages new mothers, soaring living costs in urban centers, stagnant wages, and a shift among youths toward prioritizing hobbies, travel, and self-care.
In addition, a viral feminist movement called “4B” has surged through ROK, where people are actively avoiding relationships, marriage and starting a family in protest of the country’s volatile political landscape.
Recent government data revealed another alarming trend: in ROK one in five citizens are now 65 or older, qualifying the nation as a “super-aged society,” a demographic milestone with serious implications for its long-term economic stability.
Since 2006, the government has spent over USD 200 billion on initiatives to boost births, yet results remain elusive. However, the Presidential Committee on Aging Society and Population Policy expressed cautious optimism, reporting that 90% of targets have been met and forecasting a slight fertility rate increase to 0.74 this year.
New Policies to Encourage Parenthood
Among the latest initiatives is a push for 70% of fathers with children under eight to take parental leave by 2030. Currently, only 7% of fathers utilize this benefit, compared to 70% of mothers. The government also plans to extend parental leave periods for couples to 18 months each, spread over four intervals, starting in February.
Financial incentives have been improved, with the maximum parental leave allowance rising to 2.5 million won (USD 1,800) monthly, up from 1.5 million. Parents can now access mortgages with significantly reduced rates, ranging from 1.6% to 3.3%, compared to standard bank loans.
Additional measures include expanded postpartum care, longer leave periods for parents after stillbirths, and subsidies for employers to offset employee absences due to childbirth. Small and medium-sized businesses with strong work-family balance policies may also qualify for tax audit deferrals.
Political Challenges and Stalled Progress
Despite these measures, the government’s efforts face hurdles due to political instability. President Yoon Suk Yeol, who declared the population crisis a “national emergency,” proposed a new ministry to address fertility, workforce, and aging issues.
However, the necessary legislation has stalled in the National Assembly amid a political crisis following the imposition of a brief martial law and Yeol’s subsequent impeachment.
The political turmoil also led to the resignation of You Hye-mi, the first senior presidential secretary for population policy, along with other key officials, leaving the future of ROK’s population initiatives uncertain.