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Planning to have a baby? This city will pay you over Rs 70 lakh for having a child

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Image Source : FILE PHOTO

South Korean city brings new financial incentive-driven policy for couples to have babies. (Representational image)

In an attempt to fight the cause of the declining population, a South Korean city has brought an incentive-driven policy for residents to have kids. According to local media reports, South Korean city of Changwon, the capital of South Gyeongsang Province, is offering up to nearly $1,00,000 (Rs 73,33,025 approx) to parents who have at least 3 children.

According to the new policy, the administration in the city grants a loan of 100 million South Korean won or $92,000 (Rs 67,48,094 approx) to married couples living in the city.

How does this policy work:

  • If a couple gives birth to one child, the entire interest on the loan is waived off. 
  • If a couple has two children, then 30 per cent principal amount of the loan is waived off.
  • And if a couple have 3 children, then the entire loan is waived off, becoming almost like a grant.

The move has come around when South Korea’s birth count remained lower than death rate.

In 2020, South Korea recorded  275,815 births and 307,764 deaths, while in Changwon, officials are of the concern that the population could fall under 1 million.

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