Korea Talk Exchange
KoTEX, Korea Talk Exchange, is a digital venue that distributes original research or written works that engage in discussions about South Korea. The purpose is to provide fresh viewpoints on Korean issues from three angles: (1) to talk about how Koreans perceive themselves in relation to the rest of the world, (2) to talk about how Koreans comprehend foreigners' perception of Korea, and (3) to talk about how foreigners perceive Korea.
KoTEX Issue No.6 <May>
Getting Paid to Have Children: Does It Really Work?
In the past 16 years, South Korea has invested 200 billion US dollars in developing initiatives to assist households with newborns. However, with the birth rate breaking new records each year, Korea is facing criticism and urgently seeking a better solution. The idea of investing in childcare is not an unusual concept; rather, it is a strategy that has been successful in many nations. Let's look more deeply at parental allowance, the number of countries that provide help for parents with children, and the reasons that Korea is criticized.
After giving birth, Korean mothers have been compensated with 2 million won ($1,510) since 2022. In 2023, the Yoon administration decided to provide 700,000 won ($528) per month for children under the age of one and 350,000 won ($264) per month for children under the age of two. These payments are expected to increase to 1 million won ($755) and 500,000 won ($377), respectively, in 2024. Other nations, like Denmark, offer some of the finest financial advantages for families, allowing them to receive up to two different types of aid. The Child Cheque, for instance, is a quarterly tax-free payment that households receive until their child turns 18. The parents receive $756 USD every quarter for the first two years, which gradually declines to $157 USD per month when the child is between 15 and 17 years old. Similarly, Swedish parents receive a monthly allowance until their child is 16, while Luxembourg citizens with children receive a monthly allowance that covers schooling and certain living expenses until the end of their child's school years or until they turn 25.
According to numerous experts, the present "throw money at it" approach is too one-dimensional. Current approaches won't be successful in the long run since they only consider "birth" rather than a longitudinal perspective on the child’s life. Furthermore, compared to other measures like supporting immigrant families or enhancing working conditions for women, parental allowance is receiving rather too much attention. Parental allowances, whether justified or not, are the government's chosen strategy for breaking or maintaining the cycle of low fertility in many countries. However, other efforts have not received the same level of attention, which makes experts more susceptible to criticism of the "throw money at it" strategy. Is it imperative to consider the consequences of funding people to have children? Will this actually tackle low fertility rate issues worldwide?
Deadline: May 26, 2023
We would like to welcome you to submit your original writing (480-500 words) for review and potential publication for Asia Society Korea's KoTEX. Selected pieces will also receive formal recognition, along with the author's public credentials, on our Asia Society Korea website and be featured in our monthly newsletter, which is distributed to the members and viewers of Asia Society Korea. Please submit your original works to askim@asiasociety.org.
