"Starting Next Year, Newborns Will Receive 2 Million Won"…Low Birthrate and Aging Society Act Passed

National Assembly Approves Amendment to the Basic Act on Low Birthrate and Aging Society

[Asia Economy Reporter Hyunseok Yoo] Starting next year, children born will receive a voucher worth 2 million won to purchase essential items and services needed in the early stages after birth.

On the 2nd, the National Assembly passed the "Low Birthrate and Aging Society Basic Act Amendment" containing this provision during the plenary session. The amendment stipulates that from January 1st next year, a voucher worth 2 million won per child, called the "First Meeting Voucher," will be provided to newborns.

The guardian of the infant or the guardian's representative must apply to the local government "within 60 days after the birth registration." Upon receiving the application, the local government will decide on the payment within 30 days and create the voucher on the National Happiness Card linked with a credit card company.