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In 2024, the government will expand childbirth incentives, paternity leave benefits and housing welfare programs for families with newborns, as part of broader efforts to boost the country's falling birth rate.

According to officials at the Presidential Committee on Ageing Society and Population Policy, and the Ministry of Health and Welfare, Sunday, the government will pay 1 million won ($770) a month to households that have an infant under a year old, and 500,000 won to those with babies aged between 1 and under 2, as part of a policy called the "monthly salary for parents."

The amount has increased from the 700,000 won and 350,000 won, respectively, paid in 2023 when the policy was introduced first.

Additionally, the government will raise the cash bonus for childbirth to assist parents in meeting prenatal expenses.

Starting in 2022, the government has provided families with 2 million won for each child born. This amount will increase to 3 million won per child if families welcome a second or more. Five million won will be offered to those giving birth to twins.

According to the Ministry of Employment and Labor, financial support for working parents taking a leave of absence to take care of children will be expanded.

Under the revised law, approved by the Cabinet on Dec. 19, working parents with a child aged 18 months or younger will be eligible for a combined parental benefit of up to 39 million won, if both parents take parental leave — simultaneously or separately — each for six months.

The revised law also increased the upper limit of the parental leave benefits to 2 million won per person in the first month of absence, 2.5 million won in the second month and 4.5 million won in the sixth month.

Before the revision, working parents with a child aged 12 months or younger were eligible for parental leave benefits for three months. The mount was equivalent to 100 percent of their regular wage, and the upper limit was 3 million won per person.

In addition, the government will offer mortgages with cheaper interest rates to the parents of newborns, acknowledging that the nation's elevated housing costs have been identified as a deterrent for couples considering starting a family.

The new policies come as Korea continues to struggle with a record-low fertility rate. In 2022, Korea's total fertility rate was 0.78, breaking the country's own record of the world's lowest rate.

Within the first quarter of 2024, the presidential committee plans to announce a set of additional policies aimed at boosting the birth rate, with many expecting more support for couples with fertility problems to be included in the announcement.

"We are working on policies that can substantially help boost the low birth rate by reflecting on a number of social and economic issues that have been raised so far, such as housing and job matters," a health ministry official said.