SEOUL: As South Korea faces a demographic crisis, the Seoul city government is stepping up efforts to encourage marriage and childbirth with a new initiative offering financial support to newlyweds. Starting in 2025, couples who register their marriage in Seoul will receive 1 million won (US$685) to help ease the financial burden of starting a new life together.
Financial support aimed at new couples
According to a recent VN Express report, the program is available to couples who register their marriage within Seoul starting Jan 1, 2025, and have an average monthly income below 5.89 million won. The initiative, which is estimated to assist around 20,000 couples, is designed to support newlyweds with essential household expenses such as appliances and furniture, making the transition to married life smoother. According to the Seoul Metropolitan Government, this financial assistance aims to alleviate some of the costs associated with setting up a new home, providing a boost to couples looking to start their families.
Seoul’s efforts to tackle low birthrate
This move is part of a broader strategy to address South Korea’s persistently low birthrate and ageing population. Data from Statistics Korea shows that Seoul recorded 38,568 births in 2024, marking a 5.1% increase from the previous year. The city’s efforts to support marriages, including policies like long-term lease deposit support for newlyweds and infertility assistance, have played a role in reversing the downward trend. A government official noted that Seoul is committed to maintaining this momentum and will continue to review and expand measures aimed at boosting birth rates.
Nationally, South Korea saw a slight increase in births in 2024, with the Ministry of the Interior and Safety reporting a total of 242,334 births, a notable uptick after years of decline. The government is focusing on various strategies, including tax cuts and subsidies, to encourage young people to marry and have children, marking a significant shift in addressing the country’s demographic challenges.