South Korea is grappling with a significant demographic challenge marked by a worrying decline in birth rates and an aging population. In recent years, the country has seen a steady decrease in the number of babies born each year, exacerbating concerns about its future workforce and economic stability.
This demographic trend poses profound social and economic implications, including strains on healthcare systems, pension funds, and overall societal cohesion.
Photo via KKday
Busan's Saha-gu district has launched an innovative initiative to support its residents and workers in building relationships and pursuing marriage.
The district council recently approved a revised supplementary budget to kickstart a pilot project targeting eligible singles born between 1981 and 2001. Scheduled to commence in October, the project will include a matchmaking event where applicants will undergo evaluation through document submissions and interviews conducted by the district office.
Each couple formed through this initiative will receive a subsidy of ₩500,000 KRW (approximately RM1,700) per member. Additional subsidies will be offered as the relationship progresses: ₩1.0 million KRW (about RM3,400) for each individual if families are introduced with marriage intentions, and a congratulatory gift of ₩20.0 million KRW (around RM68,500) upon marriage.
Moreover, the district office will provide substantial housing support, offering a ₩30.0 million KRW (about RM102,700) deposit or ₩800,000 KRW (approximately RM2,700) in monthly rent for up to five years. Couples stand to receive a total financial support ranging from ₩53.0 million KRW (about RM181,400) to ₩71.0 million KRW (approximately RM243,200) from the government.
Photo via Corporate Finance Institute
The primary goal of this program is to counteract South Korea's declining birthrate, which presents a significant demographic challenge.
"This project aims to address the demographic crisis exacerbated by South Korea's low birth rate, fostering a multicultural local community for the future," emphasized Lee Gap Jun, Saha-gu District Head.
Scheduled to be held monthly, the district plans to expand the initiative next year to include foreign nationals residing or working in the area.
