In a surprising twist for South Korea, the country’s fertility rate is expected to rise to 0.74 in 2024, marking the first increase in nine years. This projection, shared by Dr Joo Hyung-hwan, vice chairman of the Presidential Committee on Ageing Society and Population Policy, was presented during a keynote address at the Global Symposium on Low Fertility and Ageing.
Significant Trends in Marriage and Birth Rates
Dr Joo noted that the country has seen an uptick in marriage rates for five consecutive months and an increase in births for two months. He suggested that these trends indicate a potential reversal of the ongoing decline in fertility, which has been labelled a “demographic national emergency.”
- Projected fertility rate for 2024: 0.74
- Last year’s record low: 0.72
- Previous estimate: 0.68
Challenges in Work Culture
As South Korea confronts its low fertility rate—one of the lowest globally—the factors contributing to this issue are manifold. The Korean government is now looking towards companies like Ma:nyo, a K-beauty brand that promotes a flexible work environment.
Employees at Ma:nyo have the liberty to manage their schedules around their personal needs, which has resulted in a tripling of births among employees since the policy’s introduction in early 2022.
Government Incentives to Improve Work-Life Balance
Starting February 2025, South Korean authorities will implement several measures, including:
- Doubling paternal leave from 10 days to 20
- Increasing parental leave benefits to 2.5 million won (approximately S$2,400) per month for the first three months after childbirth
- Prioritising housing allocations for families with newborns
President Yoon Suk Yeol emphasised the need for employers to support work-life balance, framing it as an investment for corporate competitiveness.
Real Stories from the Workforce
Many employees have shared how flexible work arrangements have improved their personal lives. For example, designer Kim Sol-mi expresses gratitude for being able to attend to her child’s needs amidst the demands of work. Her story is mirrored by others who have found new opportunities and adjusted their careers to embrace family life better.
Mr Jang Sang-ho reflected on the struggles his family faced during parental leave, underscoring the critical nature of supportive workplace cultures in encouraging families to grow.
As South Korea continues to navigate its demographic challenges, the interplay of corporate policies and societal norms may hold the key to a brighter future.