Lee Jae-myeong (center), leader of the Democratic Party of Korea, is announcing a pledge to comprehensively address low birth rates at the National Assembly on the morning of the 18th. On the left is Senior Vice Chairman Kim Seong-joo of the Policy Committee, and on the right is Policy Committee Chairman Lee Gae-ho. /Newsis
The Democratic Party of Korea announced on the 18th, as a pledge for the April general election, a ‘comprehensive low birth rate plan’ whose main content is to provide loan relief and housing to newlyweds who have two or more children.
The Democratic Party held a policy presentation at the National Assembly this morning, chaired by Representative Lee Jae-myung, and revealed its pledge to respond to low birth rates. Representative Lee said, “The biggest reason for not having children is probably because hope for the future has diminished or disappeared,” adding, “This is especially because the problem of inequality in assets and income is serious. “We need fundamental measures in this area,” he said.
Representative Lee said, “That is why our Democratic Party has prepared a groundbreaking policy package covering marriage, childbirth, and childrearing.” He added, “The state will directly support the formation of basic assets for all newlyweds, and further strengthen the state’s responsibility for childbirth and care. We will come up with groundbreaking measures to address the housing problem. “We will improve the working environment and actively support work and family compatibility.”
The Democratic Party first announced that it would provide newlyweds with a loan of 100 million won with a maturity of 10 years, regardless of their income or assets. Afterwards, when the newlywed couple has a child, this 100 million won loan becomes interest-free. If a second child is born, half of the principal, or 50 million won, is reduced, and if a third child is born, the entire principal is reduced. In fact, the policy provides 50 million won to couples with two children and 100 million won to couples with three children.
The Democratic Party also said it would provide public rental housing of 24 pyeong if a second child is born and a public rental house of 33 pyeong if a third child is born. These rental homes are sold to the tenants at the end of the rental period.
The Democratic Party also said that when a child is born, the government will create a ‘Our Child Self-Reliance Fund’ for that child and put 100,000 won a month into this fund until the child is 18 years old and graduates from high school. Parents can also save up to 100,000 won per month into this fund. They said that profits from this fund would be exempt from taxation, and that the amount parents put into this fund would also be excluded from gift tax. The amount accumulated in this way can be withdrawn and used when the child becomes an adult. In addition, parents are paid a monthly child allowance of 200,000 won starting from the time their child turns 8.
The Democratic Party also announced that it would completely abolish income and property criteria in selecting recipients of child care services. Currently, only people with income less than 150% of the median income can apply for child care services. They also said they would significantly lower the out-of-pocket cost from the current maximum of 85% to less than 20%. Regarding private care services, the government announced that it would conduct an actual survey and allow only those who submit health certificates and criminal background checks to work as child care assistants (babysitters).
Measures to strengthen maternity leave and childcare leave were also included in the Democratic Party’s pledge. The Democratic Party said it would provide the government with 500,000 won per month to compensate for the salaries of some small and medium-sized workers when they take maternity or childcare leave. He also said that he would push for a plan to ensure that when an unemployed citizen gives birth to a child, he or she can receive an amount equivalent to the salary that an employed person would receive when on maternity or childcare leave. They also said that if a working parent applies for childcare leave, childcare leave will be automatically granted.
However, the Democratic Party did not reveal any measures to raise financial resources to realize these pledges. Lee Gae-ho, chairman of the Democratic Party’s policy committee, said, “Regarding measures to secure financial resources, I think there will be parts that the government should bear and parts that society, companies, and employers should bear,” and added, “There are realistic difficulties in counting such parts. “We will do this mainly by shouldering the government’s burden,” he said.
2024-01-18 02:37:16
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