Page 14 - IAV Digital Magazine #514

iAV - Antelope Valley Digital Magazine
Planning To Have A Baby? This City Will Pay You Over Rs 70 Lakh For Having A Child
In an attempt to fight the cause of the declining pop- ulation, a South Korean city has brought an incen- tive-driven policy for residents to have kids. According to local media reports, South Korean city of Changwon, the capital of South Gyeongsang Province, is offer- ing up to nearly $100,000 (Rs 73,33,025 approx) to par- ents who have at least 3 children.
According to the new policy, the administration in
the city grants a loan of 100 mil- lion South Korean won or $92,000 (Rs 67,48,094 approx) to mar-
ried couples living in the city.
How does this policy work:
• If a couple
gives birth to one child, the entire interest on the loan is waived off.
• If a couple has
two children, then 30 per cent princi- pal amount of the loan is waived off.
• And if a couple have 3 children,
then the entire loan is waived off, becoming almost like a grant.
The move has come around when South Korea's birth count remained lower than death rate.
In 2020, South Korea recorded 275,815 births and 307,764 deaths, while in Changwon, offi- cials are of the concern that the population could fall under 1 mil- lion.
iAV - Antelope Valley Digital Magazine