Low Birth Rate: South Korea offers $38,000 to residents for courting and marriage

South Korea is grappling with world’s lowest birth rate and is now turning to financial incentives to address it demographic challenges.

There are concern about the declining birth rates in both the developing nation and developed world.

Fertility rates tends to be higher in poorly resources countries but due to high maternal and prenatal mortality, there is reduction on birth rates.

In developing countries children are needed in labour force and to provide care for their parents in old age. In these countries, fertility rates are higher due to lack of contraceptive and general low level of female education.

However, In Busan’s Saha District, South Korea, a new program offers residents up to $38,000 to encourage dating and marriage.

The initiative is part of a broader effort to combat the nation’s shrinking population with the fertility rate now historic low of 0.72 children per woman.

The program seeks to make family life more attainable and financially viable while also creating opportunities for social connections through various events that bring together like-minded individuals.

By promoting marriages and family life, this program is a key component of South Korea’s effort to combat its demographic crisis and boost its population.

-9News Nigeria.