hankyoreh

The number of third children born in South Korea was the highest in the past 10 years. The government is looking for new ways to reduce the burden of families with more than two children.

Pension insurance has emerged as a new method of addressing South Korea’s low birth rate.

Boeun County in North Chungcheong Province announced on Dec. 18 that it would be providing pension insurance to women within its jurisdiction who give birth to a third child. It marks the first time a local government has gifted pension insurance to mothers of three children.

By paying premiums of 100,000 won (US$92) a month until they are 59, mothers are entitled to pensions from the country for 30 years from the age of 60.

With a market interest rate of around 2.5% for pension products, the county predicted a mother who enrolls after giving birth to a third child at age 30 could receive a pension payout between 73,000 and 130,000 won (US$67–120) a month.

The county, which provides childbirth encouragement payments of 1 million won (US$920) for a first child, 1.2 million won (US$1,100) for a second, and 4.2 million won (US$3,860) for a third, subtracted 1.8 million won (US$1,660) from the payment for a third child to support the pension insurance policy.

“Last year, there were 185 children born in Boeun County. We’re predicting around 30 women will receive pension insurance for having a third child in the coming year,” the county said.

By Song In-geol, staff reporter

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