[2024 Budget] Parental Allowance, 0 Years Old 700,000→1,000,000 KRW · 1 Year Old 350,000→500,000 KRW

The government will increase the parental allowance next year from the current 700,000 won to 1,000,000 won for children aged 0, and from 350,000 won to 500,000 won for children aged 1. The parental allowance is a benefit provided by the state to caregivers of infants aged 0 to 1 to compensate for income loss due to childbirth and childcare.

Cho Kyu-hong, Minister of Health and Welfare

On the 29th, the Ministry of Health and Welfare announced that it has increased next year's welfare budget by about 12% to implement measures to address the low birthrate problem.

According to this plan, total parental allowance expenditure next year is expected to rise by about 78% compared to this year's parental allowance budget proposal (1.6215 trillion won), reaching 2.8887 trillion won. A ministry official emphasized, "We have significantly expanded the parental allowance so that caregiving does not become an obstacle to childbirth." Additionally, the ministry decided to increase the support amount for the First Meeting Voucher, implemented to reduce the childcare burden for multi-child families (for the second child and beyond), from 2 million won to 3 million won.

Along with this, childcare infrastructure will also be expanded. An infant class incentive (childcare fee support for institutions based on capacity) will be newly established to reduce the closure of infant classes due to under-enrollment. Furthermore, to improve service quality, childcare fees will be increased by 5%, and the number of hourly childcare institutions will be more than doubled to meet short-term care demand.

Support for couples preparing for pregnancy and childbirth will also be strengthened. Although these couples play a key role in solving the low birthrate issue as they have the intention to give birth, there have been criticisms that related support was insufficient.

The ministry plans to newly support essential fertility health checkup costs for couples preparing for pregnancy and assisted reproductive technology costs using frozen eggs for infertile couples who wish to have children. The income criteria for medical expense support for high-risk pregnant women (currently 180% of the median income) will be removed. The ministry will also expand regional infertility and depression counseling centers.

A ministry official stated, "The low birthrate problem is serious, with the total fertility rate reaching as low as 0.78 last year," and emphasized, "Through this budget increase, we will alleviate the economic and childcare burdens caused by pregnancy and childbirth."