New plan on fertility and aging for Korea

 19-Oct-15, Business Korea

The Korean government will hold a public hearing on Oct. 19 for its “Third Basic Plan on Low Fertility and Aging Society” to cover the period of 2016 to 2020. The purpose of the plan is to raise the country’s total fertility rate, which stood at 1.2 last year, to 1.5 by 2020.

At the same time, the government is to create at least 40,000 jobs for the youth in the public sector by 2017, while providing a tax credit of 5 million won (US$4,456) per newly-hired young regular worker for firms in the private sector.

Image: Business Korea

The plan includes housing assistance measures for the younger generation, too. Specifically, criteria applied to lease on a deposit basis are to be relaxed, and more loans are to be provided to that end for the newly married. Younger couples are to be given additional advantages during the selection of lessees so that early marriage will be encouraged.

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