Daily Management Review

More Deaths Than Births Occurred In South Korea In 2020 Raising Alarm


More Deaths Than Births Occurred In South Korea In 2020 Raising Alarm
There were more deaths occurring in 2020 in South Korea than birth for the first time in its history.
This data has raised concerns and alarm within the country which already has the lowest birth rate in the world with the implication that the average age of the general population is increasing as there is greater number of older people compared to younger ones.
Last year there was a 10 per cent drop in the number of babies born in the country, at only 275,800 babies, compared to the previous year. While on the other hand, a total of 307,764 people passed away in the same period.
The revelation of the figures raised alarm within the government as the country’s interior ministry called for making "fundamental changes" to its policies to reverse the trend.
A country that has a declining rate of populations is expected to face immense strains.
When the number of young people in a country continues to decline, it often results in labour shortage which in turn has a negative impact on the country’s economy. Additionally, such a declining trend also adds on to the pressure on public spending of the country with an increase in demand for healthcare systems and pensions.
A number of policies targeted to address the low birth rate, including cash incentives for families, were launched last month by South Korea’s President Moon Jae-in.
A cash bonus of 2 million won ($1,850) will be given to every child that is born to help cover prenatal expenses starting in 2020 under the scheme. This will be in addition to a monthly pay out of 300,000 won to the parents till the baby reached the age of one year. Under the scheme, the monthly incentive will be increased to 500,000 won from 2025.
One of the major reasons for the low broth rate in the country is that women there find it difficult to achieve a balance between work and other life demands such as motherhood.
According to many reports, women in South Korea reconsider their plans to have a family because conditions in the country are not family friendly. People tend to give more importance to building their careers and often find it a negative for their careers to take a maternity leave.
Another issue often highlighted for the low birth rate in country is soaring real estate prices. Younger couples are often discouraged to start a family because of the rapidly rising property prices. Many feel that couples should have their own homes before starting a family but which is getting more difficult by the day.
And there are many who are also not convinced by the incentives being provided by the government, according to reports. Many are of the opinion that it is quite expensive to raise a child and the problems will not be solved by the government hands parents an extra couple hundred thousand won.