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South Korea recorded more deaths than births in 2020
for the first time ever, raising fresh alarm in the country which
already has the world's lowest birth rate.
Only 275,800 babies were born last year, down 10% from 2019. Around
307,764 people died.
The figures prompted the interior ministry to call for "fundamental
changes" to its policies.
A declining population puts immense strain on a country.
Apart from increased pressure on public spending as demand for
healthcare systems and pensions rise, a declining youth population
also leads to labour shortages that have a direct impact on the
economy.
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Last month, President Moon Jae-in launched several policies aimed at
addressing the low birth rate, including cash incentives for families.
Under the scheme, from 2022, every child born will receive a cash bonus
of 2 million won ($1,850; £1,350) to help cover prenatal expenses, on
top of a monthly payout of 300,000 won handed out until the baby turns
one. The incentive will increase to 500,000 won every month from 2025.
Largely, it's because in South Korea, women struggle to achieve a
balance between work and other life demands.
Hyun-yu Kim is one of them. The oldest of four, she dreamed of having a
big family of her own. But faced with conditions that are not family
friendly in South Korea, she is reconsidering her plans to have
children.
She recently accepted a new job and had felt anxious about taking time
off for maternity leave. "People tell me that it's safer to build my
career first," she told the BBC.
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Soaring real estate prices are another major issue. Ms Kim points out
that rapidly rising property prices also discourage young couples.
"In order to have children, you need to have your own home. But this has
become an impossible dream in Korea."
She is also unconvinced by the incentives being offered by the
government.
"It's expensive to raise a child. The government providing an extra
couple hundred thousand won won't solve our problems."
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