Fertility rate set for first rebound in 9 years in 2024

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Fertility rate set for first rebound in 9 years in 2024

Audio report: written by reporters, read by AI


Joo Hyung-hwan, vice chairman of the Presidential Committee on Aging Society and Population Policy, speaks during the committee’s monthly emergency population response meeting at the government complex in central Seoul on Jan. 23. [YONHAP]

Joo Hyung-hwan, vice chairman of the Presidential Committee on Aging Society and Population Policy, speaks during the committee’s monthly emergency population response meeting at the government complex in central Seoul on Jan. 23. [YONHAP]

 
Korea is expected to see its first rebound in the total fertility rate in nine years at 0.75 babies per woman in 2024, up from the previous year’s record low of 0.72, the Presidential Committee on Aging Society and Population Policy said Thursday.
 
The estimated figure is higher than the committee’s previous projection of 0.74 announced in November.
 

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“It is now certain that the number of births would see its first rebound in nine years,” said Joo Hyung-hwan, vice chairman of the presidential committee, in his remarks during the committee’s monthly emergency population response meeting on Thursday. 
 
According to data released by Statistics Korea on Wednesday, the number of newborns increased 14.6 percent on year to 20,095 in November, the steepest jump for a November figure since 2010.
 
Births have risen in Korea every month since July. The cumulative number of births between January and November rose by 3 percent year over year to 220,094.
 
The total number of newborns last year is expected to reach 240,000, said Joo.
 
“This year will be a crucial point for us to further accelerate the momentum in the birthrate recovery and build a foundation for our society to achieve a soft landing as the country became a ‘super-aged’ society on Dec. 23 last year,” said the vice chair, referring to the designation based on the United Nations' definition for societies in which a percentage of the population aged 65 or older exceeds 20 percent.
 
The committee also announced its plan to boost the birthrate and bolster the safety net for the growing elderly population on Thursday.
 
As part of the initiative, the government will increase financial support to encourage employees at small- to mid-sized enterprises to take parental leave, offering companies up to 18.4 million won ($12,810) a year to cover expenses for hiring replacement workers.
 
The duration of maternity leave for spouses will increase from the current 10 days to 20 days for public officials as well.
 
The policy plan to address the aging population includes expanding public caregiving services for seniors and providing regulatory benefits to incentivize construction companies to incorporate elderly-friendly designs and services in multifamily housing units.

BY SHIN HA-NEE [[email protected]]
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