South Korea is taking bold steps to address its plummeting birth rates by proposing lucrative childcare subsidies for couples in the country. Under the latest initiative, couples could receive up to 100 million won or $112,000 in subsidies, equivalent to approximately 1 crore 23 lakhs Bangladeshi currency, as reported by Australian media ABC News.

The proposal stems from a survey conducted by South Korea's Civil Rights Commission last April, which sought to understand why couples are reluctant to have children. Based on the survey findings and public feedback, the commission recommended substantial financial incentives to encourage childbirth.

According to the survey, the Civil Rights Commission recommended an annual budget allocation of 23 lakh crore won or 26 million dollars, representing half of the country's low birth rate budget. This budget would be exclusively dedicated to providing incentives and subsidies to eligible couples.

The commission's report emphasized the need for a comprehensive re-evaluation of the country's birth promotion policies, highlighting the low birth rate as a pressing issue that demands collaboration between the public and private sectors.

Meanwhile, data from South Korea's Statistics Department, published in February, revealed a concerning trend in the country's birth rates. The average female childbearing rate in 2022 stood at 0.78 percent, further declining to 0.72 percent in 2023. This alarming decrease solidified South Korea's position as having the lowest birth rate in the world.

As South Korea grapples with demographic challenges, the proposed childcare subsidies aim to alleviate financial burdens on couples and incentivize childbirth, ultimately fostering population growth and ensuring the country's long-term sustainability.