Get Married and Have Kids: South Korea Offers $64,000 for Couples to Combat Low Birth Rate

South Korea, grappling with the world’s lowest birth rate and a looming demographic crisis, is rolling out an innovative solution: cash incentives for couples who marry and start families. With the fertility rate plummeting to just 0.72 children per woman, the country is taking drastic measures to encourage marriage and childbearing.

In the city of Busan, a pilot project is underway where eligible singles aged 23 to 43 are invited to events designed to match them with potential partners. Couples who form a match at these events will receive $604 each. If the relationship progresses and families meet in preparation for marriage, the couple will receive an additional $1,200 each. Upon tying the knot, newlyweds are gifted a generous $24,000.

But the incentives don’t stop there. The local council will also offer a $36,000 house deposit or $960 per month in rent for five years. In total, couples who navigate through each stage could earn between $64,000 and $85,000.

If successful, Busan plans to expand the program in 2025, including foreign nationals who live or work in the region. The initiative is part of a broader effort to form a multicultural community and address the nation’s critical population decline.

“This project is designed to overcome the demographic crisis amid South Korea’s low birth rate by forming a multicultural local community in the future,” said Saha-gu district head Lee Gap-jun.