July 30, 2024
SEOUL – The government announced new measures to boost marriages for young people and support housing for families with children, as a follow-up measure after a “demographic national emergency” was declared by President Yoon Suk Yeol last month.
The Presidential Committee on Aging Society and Population Policy held its second meeting since its launch in June on Monday to review and accelerate the implementation of over 150 challenges and measures designated to address the aging society and low birth rate.
Facing dire warnings that South Korea’s population could collapse if current trends persist, the president established a comprehensive pangovernmental response system in June to address the nation’s low birth rate crisis.
Amid growing complaints from newlywed couples about excessive cancellation penalties, upselling of additional services and unclear pricing in “Sedeme” services, an abbreviated Korean term that refers to studio photography, makeup and dress rental, the Korea Fair Trade Commission has announced an ex officio investigation set for August.
This probe will scrutinize the terms and conditions of major wedding preparation agencies. The KFTC aims to improve unfair practices and establish standard terms and conditions for the industry, drawing on an industry status review and consumer damage survey.
In addition, the government plans to produce and distribute guidelines for preventing consumer damage when preparing for marriage and issue a “Consumer Damage Alert” based on an analysis of counseling cases and dispute mediation cases related to the marriage services market.
Regarding housing, the government will expand public rental housing for families expecting a child or who have children.
The Ministry of Land, Infrastructure and Transport will prioritize such households when supplying publicly constructed rental housing, while abolishing the partitioned area standard to expand the choice of consumers.
Previously, the size of the house was limited by the number of household members, with one person having limitations of up to 35 square meters, two people from 26 to 44 square meters, three from 36 to 50 square meters and four or more at 45 square meters and over.
To tackle the challenge regarding maternity or paternity leave at small and medium-sized enterprises, the government is expanding subsidies.
As job seekers do not prefer replacement positions due to lower wages and stability, SMEs have faced difficulties in hiring replacements. In response, the central government will expand the subsidy for substitute workers, from the current 800,000 won ($579) to 1.2 million won per month, to ease the burden on business owners.
South Korea’s total fertility rate — the average number of children a woman bears in her lifetime — fell to a fresh low of 0.72 in 2023, well below the replacement level of 2.1 needed to maintain the country’s population at about 51 million.