South Korean fathers to get higher paternity pay
In a bid to improve South Korea’s chronically low birthrate, the government will be increasing the monthly benefits for paid parental leave starting 1 January 2019.
From the current monthly maximum amount of KRW2 million (US$1,780) paid over a three month period, the new maximum amount of monthly payment will be increased to KRW2.5 million.
A recent report from Statistics Korea suggests that the total fertility rate could fall below 1% this year. In contrast, the so-called replacement level that will keep the country’s 51 million population stable is 2.1%.
The fertility rate dropped to 1.05% in 2017 from 1.19% in 2008.
The report added that only 26,500 babies were born in October this year, down 5% from 27,900 born during the same period last year.
It is hoped that the increase in paternity pay will spur more Koreans to have children, and thus help reverse this downward trend.