In an attempt to tackle the nation’s low birth rate, President Yoon Suk Yeol pledged to extend eligibility for newlyweds seeking low-interest, long-term loans for lump-sum "jeonse" housing rental deposits, from an income threshold of 75 million won, or around 56-thousand U.S. dollars, to 100 million won.

At a meeting on Thursday to follow up on the economic pledges made by the administration during the new year's public debates, Yoon said the proposal comes in response to concerns that being married can be a disadvantage for young people when it comes to some state initiatives.

The president said that some are opting to delay registering their marriage in order to meet the current income criteria of 50 million won for each individual.

He also promised to raise the upper threshold for housing loan support offered to families with newborns from a combined annual income of 130 million won to 200 million won.

On labor issues, Yoon called to promote rights and interests of nonunionized workers, ordering the establishment of a department under the labor ministry to offer them state protection and support.