Anchor: Rival parties on Thursday announced their plans to tackle the country’s low birth rate.
The ruling People Power Party(PPP) focused their plan on improving parental leave, while the main opposition Democratic Party(DP) focused on affordable homes and financial assistance.
Max Lee reports.

Report: Rival parties on Thursday announced their plans to tackle South Korea’s record low birth rate.

The ruling People Power Party(PPP) announced it will first mandate providing paid parental leave of three months for mothers and one month for fathers.
 
Childcare leave will be newly implemented, allowing parents to take paid leave for up to five days every year, if their children, up until third grade of elementary school are sick.
 
Also, the required monthly salary for parental leave will be expanded from the current maximum of one-point-five million won, or around 11-hundred U.S. dollars, to two-point-one million won. 
 
The ruling party also proposed the establishment of a new population ministry to tackle low birth rate issues, in line with President Yoon Suk Yeol's campaign pledge to disband the gender ministry.
 
The packages come as South Korea’s total fertility rate fell to a record low of zero-point-seven in the third quarter of 2023. The rate was much lower than the replacement level of two-point-one which would keep the country’s population stable at 51 million.

The main opposition Democratic Party(DP) also announced its set of measures, including a pledge to provide public rental housing for families with two to three children that can be available for allotment sale at a relatively lower price after a period of time.
 
Also, it proposed expanding state support eligibility for newlyweds from the current seven years to ten years.

To help young people become financially prepared to start a family, the main opposition party vowed to provide a ten-year loan worth 100 million won, or around 74-thousand U.S. dollars, to newlyweds, regardless of their income or assets. 

Principal and interest will be deducted by the number of children, with the entire principal exempted upon birth of a third child.

The party also vowed to provide monthly childcare support through a card system, with 200-thousand won to be paid out per child between the ages of eight and 17, while a self-reliance fund will be introduced for the government to deposit 100-thousand won a month into a fund account for children of up to 18 years of age.

Max Lee, KBS World Radio News.