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The country with the lowest fertility rate in the world is considering paying parents 100 million won ($112,000) in cash for each baby born.
South Korea’s civil rights commission conducted a survey last month, aiming to gauge the opinion of citizens before implementing the program.
The commission is proposing to spend 23 trillion won ($26 billion) annually on the program, which is about half of the national budget allocated to initiatives addressing low birth rates.
"Through this survey, we plan to re-evaluate the country's birth promotion policies to determine whether direct financial subsidies could be an effective solution," the commission said.
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South Korea offers public housing
Ahead of South Korea's legislative elections in April, the country's major political parties vowed more public housing and low interest loans in efforts to make life easier for young families.
It's hoped these kinds of measures will help stem population decline.
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China paying for IVF treatment and childcare
Much of China's demographic downturn is the result of its one-child policy from 1980 to 2015.
Since 2021, couples have been allowed to have up to three children – but this hasn't been effective.
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Japan proposes student loans and more childcare
The next few years are possibly "a last chance" for Japan to reverse its declining fertility rate, Children's Policies Minister Masanobu Ogura said last year.
If the recent trend continues, the young population will shrink at twice the current pace by the 2030s, he said.
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Taiwan provides subsidised kindergarten and leave
Taiwan and Singapore's fertility rates remain among the lowest in the world.
During the pandemic, Taiwan's government extended subsidies for IVF treatment to all couples, regardless of their income.
Existing incentives include subsidised kindergarten, childcare payments and six months of paid parental leave.
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Singapore offers savings accounts for children
As for Singapore, the government boosted its baby bonus scheme, giving out as much as S$10,000 ($11,200) in cash for first and second children.
It increases to S$13,000 ($14,600) for your third and subsequent children.
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Has any of this been effective?
Many of these policies have been in place across Asia for years, but fertility rates continue to decline.
Workaholic cultures, high costs of living, difficulties in accessing child care and gender inequality are all reasons.
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