A major civic organization was formed, Friday, to confront Korea’s urgent declining birthrate issue. However, political parties have not yet advanced in their efforts to create a dedicated ministry that could more effectively address this critical demographic challenge.
The newly established group features representatives from six major economic organizations, along with experts from the finance industry, academia and religious institutions. It is co-chaired by prominent figures including Sohn Kyung-sik, chairman of the Korea Enterprises Federation; Cho Yong-byoung, chairman of the Korea Federation of Banks; and Lee Kwang-hyung, president of KAIST. This broad-based coalition underscores Korea’s dedication to tackling its persistent low birthrate, a challenge that the Yoon Suk Yeol administration has identified as a top national priority.
However, the government must broaden its support measures, as highlighted by Sohn’s call for effective strategies to address the demographic crisis. Both the government an
d the civic sector need to intensify their efforts to reverse the ongoing population decline.
Members of this organization have vowed to use every available resource to achieve meaningful progress, guided by the motto “children are our future.” The economic sector has committed to fostering a work environment that balances professional and parental responsibilities. Companies are encouraged to offer generous maternity and paternity leave, provide flexible work arrangements, and support work-from-home options to create a more family-friendly workplace culture.
A notable example is Booyoung Group, a construction company that sets a bold precedent by offering a substantial incentive of $75,000 for each child born to its employees. This initiative aims to encourage other companies to take similar measures to boost the birthrate.
The financial sector has actively promoted family-friendly financial products and supported projects that enhance social contributions. Notably, Shinhan Financial Group’s pledge to don
ate 10 billion won ($7.5 million) to assist small and medium-sized enterprises in managing workforce challenges related to maternity leave is commendable. This initiative sets a strong example for other financial institutions to follow.
The academic sector is responsible for crafting policies to address the issue, while the religious community is expected to emphasize the importance of family life. Although these efforts will take time to produce results, it is essential to start implementing changes with a long-term perspective.
With Korea’s total fertility rate plummeting to a record low of 0.7 in 2023 – the lowest in the world – the country is facing a grave threat of demographic decline. The Organization for Economic Cooperation and Development has cautioned that this situation could present a serious economic challenge.
To counteract this trend, future policies should focus on making Korea a more livable country by addressing housing affordability, reducing educational costs and enhancing child care a
nd elder care services.
Yoon has asserted that addressing the low birthrate would be a Nobel Prize-worthy achievement. It is now time for his administration to prove its commitment by prioritizing the creation of a dedicated ministry to tackle this issue. The proposed Ministry of Low Birth Rate Counter-Planning could play a crucial role in this effort.
Establishing such a ministry is essential for coordinating and enhancing efforts across all sectors, ensuring a comprehensive and sustained approach to one of Korea’s most pressing challenges. The Yoon administration should also remain open to listening to insights from the private sector and the public to effectively address this critical demographic issue.
On Thursday, Han Dong-hoon, chairman of the ruling People Power Party, emphasized the need to extend the age range for child care programs from 8 to 12 years old as a measure to address the declining population. He also pledged to work with opposition parties to tackle the demographic challenges, regardl
ess of partisan differences. As Han noted, the declining birthrate has become the nation’s most urgent issue, necessitating both the ruling and opposition parties to collaborate closely and swiftly to find an effective solution.
Source: Yonhap News Agency