South Korea announces new childcare subsidies and youth pension support

The South Korean government is introducing new welfare measures to address low birth rates and support youth retirement planning. The Ministry of Health and Welfare announced a plan to consolidate existing cash benefits into a new ‘Child Welcome Subsidy.’ Under this system, first-born children will receive 10 million won, second children 12 million won, and third or subsequent children 15 million won. Families in regions facing population decline may receive an additional 5 million won, potentially bringing the total for a third child to 20 million won.

In a separate initiative, the National Pension Service has begun accepting advance applications for its ‘Youth First Pension Premium Support’ program. Aimed at those born in 2009, the program provides full coverage for the first month of pension premiums (approximately 41,000 won) to encourage early participation among youth whose enrollment may be delayed by education or military service. The program is scheduled for full implementation on January 1, 2027.