South Korea Must Welcome More Foreigners to Address Population Challenges: Official from Presidential Committee

Seoul, Feb 18 (NationPress) South Korea must welcome more foreigners and implement a variety of comprehensive measures to address issues stemming from its extremely low birth rate and rapid population ageing, a senior official from the presidential committee stated on Tuesday.

"Instead of solely focusing on policies to increase birth rates, we need to adopt a more holistic approach and develop solutions, such as attracting a larger foreign workforce," remarked Joo Hyung-hwan, vice chairman of the Presidential Committee on Ageing Society and Population Policy, at a forum in Seoul.

The nation is facing serious demographic challenges as many young individuals choose to delay or forego marriage and parenthood due to evolving social norms, challenging economic conditions, and the high cost of living.

The total fertility rate, indicating the average number of expected births per woman during her lifetime, is projected to drop to 0.75 in 2024, significantly below the 2.1 births per woman necessary to maintain a stable population without immigration.

"We must foster suitable environments to attract foreign talent, particularly in advanced sectors and the youthful workforce, while also creating innovative strategies for social integration," Joo stated.

The population of foreigners residing in South Korea reached approximately 2.65 million in 2024, representing around 5 percent of the overall population, according to government statistics reported by Yonhap News Agency.

The decline in South Korea’s birth rate is influenced by numerous factors, including soaring housing costs, demanding work environments, gender disparities, and the high expenses associated with raising children. Many couples are postponing or opting out of having children due to financial difficulties and inadequate support systems, exacerbating the population decline.

In response to this demographic crisis, the South Korean government has rolled out various policies aimed at reducing the financial burden associated with child-rearing.

Generous financial assistance: Parents receive a monthly cash benefit of 700,000 Won (approximately $520) for each child under one year old and 350,000 Won ($260) for children aged one to two. This allowance is expected to rise to 1 million Won ($740) per month soon.

Housing support: Specialized housing initiatives offer subsidized loans and affordable rental options for young families. The government also prioritizes public housing access for families with multiple children.

Workplace reforms: Policies for paid parental leave have been expanded, allowing up to 18 months of leave per parent, with additional flexibility to encourage fathers to engage in caregiving. Companies are urged to adopt family-friendly policies through tax incentives and support.

Education and healthcare: The government has introduced free childcare services for children under five, as well as free public education, significantly easing financial pressure on families. Healthcare for children, including vaccinations and medical treatments, is provided either for free or at a heavily subsidized rate.

Community support programs: Local governments are fostering family-friendly environments through initiatives such as play centers, parental counseling services, and community childcare cooperatives to assist working parents.

South Korea’s ambitious child-rearing incentives are drawing global attention, especially from countries facing similar demographic issues, including Japan, Italy, and Germany.