One country is offering couples up to $58,000 to get married

South Korean singles are being offered up to $58,000 to fall in love and get married in a bid to combat the nation’s plummeting birth rate, and it makes Australia’s $5,000 baby bonus pale in comparison.
Despite being home to over 51 million people, about half of which are women, South Korea has the lowest birth rate in the world at 0.72 children per woman in 2022.
By comparison, Australia reported a birth rate of 1.6 in 2023 – though that’s still the lowest it’s been since 2006, reportedly due in part to the rising cost of living.
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There are fears the South Korean birth rate could drop as low as 0.68 in 2024, with some projections predicting the nation’s population could halve by 2100 if births don’t pick up fast, per Reuters.
The South Korean government has already invested billions into efforts to reverse the trend, which has been liked to challenges around employment, housing, gender issues, and childcare.
Now one local government in Busan, about 320km south of the capital Seoul, is offering locals cold hard cash in the hopes of sparking more marriages – and hopefully, more births.
The city’s Saha District recently passed a revised budget to fund a new matchmaking program that will offer participants financial incentives at each step of the dating process.
Participants must be aged between 24 and 43, and need to live or work in Saha to submit an application for the project, after which they’ll go through a screening and interview process before being allowed to participate.
The first cash incentive comes in the form of a 500,000 won (approx. $550 AUD) payout for each participating man and woman who agrees to start dating, The Korea Times reports.
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Couples who host a ”sang-gyeon-rye”, an official meeting of families traditionally arranged before a couple weds, they’ll be paid another 2 million won (approx. $2,200).
They’ll receive a further 20 million won (approx. $22,000) as a “congratulatory gift” if they get married, followed by further payouts to help with housing costs.
Married couples who come out of the program can get either a one-time 30 million won (approx. $33,000) payout to use for a home deposit, or a monthly 800,000 won (approx. $880) rent subsidy for up o five years.
A pilot project with a small number of South Korean participants is slated for October, with bigger events on the horizon if the project proves fruitful.
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“This project is aimed at overcoming the population cliff crisis caused by the decline in birth rates by forming a multicultural local community in the future,” Saha District head Lee Gap-jun told the media, via the South China Morning Post.
Though Australia’s birth rate is significantly higher than South Korea’s, ours is still at the lowest point it’s been in almost 20 years, with births falling by 4.6 percent year on year.
The cost of living crisis has led to what some are calling a baby recession, as families struggle to provide for multiple children.
Australian parents can currently access an income tested ‘Baby Bonus’ payment of up to $5,000 paid in 13 fortnightly instalments to help with the costs of a newborn baby or adopted child.
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Though the up to $58,000 in support payments in Saha District aren’t specifically targeted at childrearing costs, most Aussie parents would welcome extra financial support in the face of the current cost of living crisis.
Kin Fertility reports the cost of having a baby in Australia can range from $1,500 to $20,000 in 2024, while Canstar reports the first year alone can cost families between $4,310 and $9,620.
Though it’s unlikely Australia would adopt a program like the one in Saha District any time soon, Aussie parent’s wouldn’t say no to more support.
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