Seoul: Acting President Choi Sang-mok on Monday emphasized the need to promote the culture of balancing work and family life to address South Korea's ultra-low birth rate in a meeting with business representatives and working parents. "Creating an environment where work and family life can coexist harmoniously is essential to overcoming the low birth rate," Choi said at the meeting with representatives of companies recognized for their exceptional culture of employees' work-life balance promotion.
According to Yonhap News Agency, Choi stated that the government has significantly increased the budget for low birth rate countermeasures, along with additional incentives, such as a new marriage tax deduction and expanded child tax credits. He also highlighted the crucial role of businesses in fostering a family-friendly culture, urging more companies to take part in creating such a work environment. "We ask more businesses to join efforts in establishing and spreading a work-family balance culture," Choi said.
South Korea is estimated to have recorded a higher-than-expected fertility rate of 0.75 in 2024. The total fertility rate represents the average number of births a woman is expected to have in her lifetime. However, the figure remains far below the replacement level of 2.1 births per woman needed to maintain a stable population without immigration. The government aims to raise the fertility rate, which stood at 0.72 in 2023, to 1 by 2030.
"Although we are seeing positive signs, such as the first increase in the total fertility rate in nine years, there is still much room for improvement," Choi said. In response, the attendees proposed measures to the government, such as expanding child care facilities for small and medium-sized businesses and increasing support for substitute workers during parental leave, the finance ministry said.