[Asia Economy Reporter Yoo Hyun-seok] Starting next year, children born will receive a voucher worth 2 million won for purchasing essential items and services during the early stages of birth. Along with this, the Child Allowance Act amendment was also passed, expanding the eligibility to children under the age of 8.
On the 2nd, the National Assembly passed the "Low Birthrate and Aging Society Basic Act Amendment" in a 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 for each newborn.
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 within 30 days whether to provide the voucher and will create the voucher on the National Happiness Card linked with a credit card company.
Additionally, the age eligibility for child allowance payments will be expanded from under 7 years old to under 8 years old. That evening, the National Assembly also passed the "Child Allowance Act Amendment" in a plenary session.
The amendment expanded the age range for the monthly 100,000 won child allowance from the current 0 to under 7 years old to 0 to under 8 years old. Furthermore, starting January 1st next year, an additional infant allowance will be paid monthly for 24 months to children born from that date.
The infant allowance payment will start at 300,000 won next year and will be gradually increased to 500,000 won by 2025.
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