The government plans to devise a new standard for the supply and demand of teachers and adjust admission quotas at university education departments in a bid to prepare for a drop in South Korea’s population.

Finance Minister Hong Nam-ki unveiled the plan on Wednesday while announcing steps to address demographic changes in the country.  

Given the sharp drop in school-age children, the government will launch from next year pan-government consultations on adjusting the criteria for fostering teachers.

It will also adjust admission quotas for education departments at four-year universities from 2022 and at two-year colleges from 2023.

In the defense sector, the government will slash the size of the nation’s standing armed forces to 500-thousand by 2022 as the number of available conscripts declines. Currently, South Korea’s standing armed forces is around 579-thousand. 

The government also plans to revamp the structure of the military so that its strengths are focused on cutting-edge technology, including drones and reconnaissance satellites.

In order to help farming and fishing villages, which are seeing a sharp drop in population, the government will provide a wide range of public and living services by connecting regional hubs in a stage-by-stage manner.  

The government plans to announce later this month other policies on addressing demographic changes, including fostering senior-friendly industries and revamping the long-term care insurance system.