Seoul offers financial incentives to newlyweds to boost birth rate

The program is available to couples who register their marriage in Seoul from Jan. 1 this year, and have an average monthly income below 5.89 million won, the Seoul Metropolitan Government announced.

The city estimates that around 20,000 couples will benefit from this initiative, The Korea Herald reported. Officials stated that the financial support is intended to help newlyweds purchase essential household appliances and furniture as they settle into their new homes.

According to Statistics Korea, Seoul recorded 38,568 births from January to November last year, a 5.1% increase from 36,703 during the same period in 2023. The number of births in 2024 surpassed 2023 figures each month except for January and March, which saw declines of 9% and 4%, respectively.

The city attributes this increase primarily to couples who had postponed marriage due to Covid-19 finally tying the knot after pandemic restrictions were lifted, The Korea Times reported. Additionally, policies such as long-term lease deposit support for newlyweds, infertility assistance, and benefits for multi-child households also contributed to the rise, according to city officials.

A Seoul official told The Korea Times that "the city government is closely reviewing related measures to continue this trend of increasing births."

For years, South Korean authorities have been working to address the country’s record-low birthrate and aging population.

The Ministry of the Interior and Safety announced last month that South Korea recorded 242,334 births in 2024, an increase of nearly 7,300 from 2023—the first rise in births since 2015. While the overall population is still declining, the increase in annual births is seen as a positive sign.

Last year, South Korea introduced several measures to encourage young people to marry and have children, following now-impeached President Yoon Suk Yeol’s declaration of a "national demographic crisis" and plans to establish a new ministry to tackle the issue.

Many of these policies focused on financial support, including tax cuts and subsidies. One key measure was a one-time tax deduction of 500,000 won ($349.35) per person for couples married between 2024 and 2026.