The Seoul city government will spend 6.7 trillion won (S$6.4 billion) from 2025 to 2026 to financially help residents raise children, city officials said on Oct 29.
The city government said it was expanding a childbirth encouragement project launched in February as part of efforts to increase the country's low birth rate.
The earlier version of the project took a comprehensive approach to supporting caregivers by providing financial assistance for infertility treatments across all income levels and reducing barriers to social benefits for families with multiple children. With the second phase announced on Oct 29, the city government said it would add 35 new initiatives, bringing the total to 87 policies.
A key component of the initiatives is aimed at supporting newlyweds and prospective parents who do not yet have their own homes. Starting in January, the city will provide families with newborns who do not own a home a housing subsidy totaling 720,000 won over two years, or 30,000 won a month.
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