South Korea, famous for its advancements in various sectors such as popular culture, advanced technology, and delicious cuisine, is now faced with an alarming demographic crisis. The birth rate in the country continues to decline dramatically. In fact, by 2023 the fertility rate in the “ginseng” country will only be 0.72. This is far below the 2.1 required to maintain a stable population. This phenomenon is like a time bomb for the future of South Korea. As a result, there will be labour shortages, increased social insurance burdens, and even reduced economic vitality. So, what is causing this population crisis?

Reporting from CBS News, Jin Sung Yoo, President of the Korea Economic Research Institute (KERI) stated that the case of the decline in the birth rate is due to the impact on their careers. Many South Koreans delay or do not want to have children for fear of their careers being hampered. It should be noted that the work culture in East Asia, especially in South Korea, is known to be very competitive and demanding. Many workers spend long hours in the office, leaving them with little time for family and childcare. In addition, the high cost of living is high, especially in big cities in South Korea. The cost of expensive housing, education, and childcare is a big burden for young couples which makes them delay or discourage having children.

In fact, according to Jessica Ryu reported by National Public Radio (NPR) said that workers in their 20s and 20s would have children if they had their place to live. Then, there is still a significant gender gap in South Korea. The domestic and childcare burden is still largely borne by women, so they always experience a dilemma between their careers and their families. In addition, there is still a gender pay gap, with women earning only two-thirds of the income compared to men. Women are also starting to focus on their education and careers rather than marriage and pregnancy.

Work-family balance is important for this issue, by increasing the take-up and duration of parental leave, easing the burden of parental leave costs for families and companies, and asking companies to report the percentage of male employees who take leave. This is expected to increase the number of men taking leave and ease the burden on women in balancing work and family. However, the government’s plan to raise the working hour limit from 52 to 69 hours per week may worsen work-life balance and make it more difficult for women to balance work and family. The South Korean government itself is considering solutions to deal with this problem.

Based on information from TIME, the government has given a voucher of 2 million won to parents who give birth to their first child as well as a bonus of 3 million won for each additional child. Of course, the government continues to increase its budget for family financial assistance. The hope is to increase the birth rate and boost long-term economic growth, but this bonus solution will certainly burden the government budget. In addition to financial assistance, the government also needs to focus on policies and programs that improve the quality of life. Why? To improve the quality of education, expand access to childcare services, and make the environment more conducive. Of course, the government is currently trying to provide solutions or policies to overcome the decline in births in the country.

South Korea, famous for its progress in various fields, is now faced with an alarming demographic crisis. The drastically declining birth rate is a ticking time bomb for the country’s future. The crisis is caused by several factors, such as the negative impact on careers of a demanding work culture and the domestic burden borne by women, the high cost of living, and the persistent gender gap. The South Korean government has taken measures such as baby fee bonuses and childcare allowances to address this crisis. However, more sustainable solutions are also needed. Improving the balance between work and family by extending parental leave and encouraging fathers’ participation in childcare, as well as improving quality of life by increasing access to affordable education and childcare services, and reducing gender disparities, are important things to consider.