Seoul, South Korea

South Korea has broken its own record for the world's lowest fertility rate. Official figures released in November put the number of children a South Korean woman will have in her lifetime at just 0.79. As per OECD, for a country to ensure a stable population, the optimum fertility rate per woman must stand at 2.1 children in a lifetime. However, for South Korea, the number stands at not even half of the recommended rate.

This presents challenges for the country, which faces a looming labour shortage to support its pension system and an ageing population.

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CNN reports that in September, the nation's President Yoon Suk Yeol admitted that in the last 16 years, more than $200 billion have been spent on efforts to boost the population. 

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This includes financial aid for new babies: a monthly allowance for parents of children under one-year old that as per the Yoon Administration is set to increase from the current 300,000 won ($230) to 700,000 won ($540) in 2023 and to 1 million Korean won ($770) in 2024.

Also read | South Korea may face 'age quake' as fertility rate hits record low in 2021

However, parents say that the government's promises of funds don't matter. Talking to CNN, mother of one Kim Min-jeong, who is expecting her second child, said, "They’ve changed the names and merged allowances but for parents like us, there are no more benefits."

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She said that since having a child, she's been unable to work as they can't afford private care or trust the government-funded nurseries. Even though the nation's government-funded nurseries are aplenty, in recent years, a number of scandals in which CCTV footage of caregivers striking infants has emerged.

Other problems parents like Min-jeong face are traditional gender roles; women are expected to take care of the home along with work, and the husbands who want to pitch in find that business culture doesn't allow for that.

Also read | Even as the world reaches daunting eight billion population, China frets over low number of children

Society frowns on single parents. IVF treatments are not available for single women and same-sex partnerships are not legal, while willing unwed couples are not allowed to adopt.

However, despite the amount of money "thrown" at the problem factors like high real estate prices, the cost of education and greater economic anxiety have dissuaded the young from procreating.

Critics contend that the issues go beyond economics and that a change in strategy is necessary. The current strategy, in the opinion of many experts, is too one-dimensional; instead, ongoing support for the child is required throughout their entire life.

(With inputs from agencies)

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