Parents of a child younger than two years old will be eligible for up to 700-thousand won in monthly "parental allowance" issued by the state beginning next year. 

Under the 2023 national budget approved by the Cabinet on Tuesday, each household raising a newborn baby will receive 700-thousand won per child monthly until the child turns one, while those with a child aged between 12 months and 24 months will be eligible for a 350-thousand won stipend. 

The government is already providing a monthly child care subsidy of 300-thousand won for households with a child aged under the age of two. It is further raising the sum of the so-called "parental allowance," albeit at separate rates depending on the child's age, from next year. 

Seeking to follow through on President Yoon Suk Yeol’s election campaign pledge to offer up to one million won in monthly support for parents with a young child, the government plans to continue raising the sum. Beginning in 2024, it is planned to rise to one million won monthly per child under one year old and to 500-thousand won per child aged under two. 

Meanwhile, the government also earmarked additional childcare assistance for low-income households and households headed by a single parent for next year. For instance, single-parent households earning under 60 percent of the national median income will be eligible for a monthly allowance of 200-thousand won.