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As the central and local governments across Korea are experimenting with new policy ideas to encourage couples to get married and have babies to boost the country's persistently low birthrate, one district office in Busan is offering 1 million won ($720) just for initiating a romantic relationship through its matchmaking event.

According to the southern port city's Saha District Office on Wednesday, the supplementary budget bill for its mass blind-dating event for “single Korean and foreign men and women” was passed by the district council recently.

The event, scheduled for October, is intended for young people, aged 23 and 43, who live or work in the district.

If a man and a woman decide to start a romantic relationship after the event, 1 million won will be given to the couple. If they hold a “sang-gyeon-rye,” or a meeting of family members (arranged typically before the wedding), the couple will be offered an additional 2 million won. If they get married, another big bonus of 20 million won will be awarded.

The district office said it will provide additional support for their housing for up to five years.

Specific rules and the scale of the event have not been revealed yet. Applicants will be reviewed based on applications and interviews to be selected as participants. If this year's event succeeds in attracting attention and yielding positive results, the office said it would make it an annual event with more non-Korean participants.