₱2.9M Offered by South Korea District to Couples Who Marry
SOUTH KOREA – In a bid to address the low birth rate, Saha District in Busan is offering significant cash incentives to couples who marry.
The district will host a “meeting event” in October 2024 to connect singles, focusing on residents and workers born between 1981 and 2001. This initiative, funded by the Saha District Council, will include a screening process for interested participants.
During the event, singles will have the opportunity to meet potential partners, to form lasting relationships. If a couple formed at this event decides to marry, each person will receive 500,000 won (₱21,000), totaling 1 million won (₱42,000) for the couple. Further incentives are available if the relationship progresses: 2 million won (₱84,000) for engagement and 20 million won (₱842,000) for marriage. Additionally, newlyweds can receive either a 30 million won (₱1.26 million) housing deposit or 800,000 won (₱33,600) per month for five years.
The overall financial support provided to couples can range from 53 million won (₱2.2 million) to 71 million won (₱2.9 million) through this program. Saha District plans to expand this initiative to include foreign nationals working in the district in the coming year and intends to hold the meeting event monthly.
Lee Gap-jun, the head of Saha District, explained that this project aims to combat the demographic crisis caused by South Korea’s low birth rate by fostering a multicultural community. This approach is part of a broader government effort to address declining birth rates and encourage family formation.
Similar initiatives are also being undertaken nationwide. The South Korean government supports various dating and wedding programs, including allowing weddings in public spaces and offering low rent for newlyweds. Despite these efforts, the 2023 census showed a continuing population decline, with a birth rate of 0.72 percent, highlighting the urgency of these measures.