Seoul Mayor Oh Se-hoon presents town’s finances allocation plan for 2025 throughout a press briefing at Metropolis Corridor, Thursday. Yonhap
By Jung Da-hyun
Seoul Metropolis plans to allocate a 48 trillion gained ($34.7 billion) finances for subsequent 12 months, prioritizing insurance policies to deal with town’s low birthrate and strengthen well being and security measures for residents, town authorities mentioned Thursday.
The finances enhance is a part of town’s proactive method to sort out demographic shifts pushed by a declining birthrate and an growing old inhabitants.
The proposed finances represents a 5 %, or 2 trillion gained, enhance over this 12 months’s finances, which had seen its first lower in 13 years.
A key focus of the finances is addressing the low birthrate, a urgent nationwide problem contributing to the nation’s inhabitants decline.
The town authorities plans to allocate 1.1 trillion gained towards public rental housing with devoted help for newlyweds and younger individuals.
The excessive value of housing in Seoul stays one of many greatest obstacles for younger individuals contemplating marriage and parenthood.
A report from the Korea Analysis Institute for Human Settlements, launched in January, confirmed that housing costs are a significant factor influencing selections to begin a household.
In response, town authorities will present 4,000 housing models for newlyweds and a further 2,504 for younger households subsequent 12 months. Moreover, town will present a month-to-month subsidy of 300,000 gained for 2 years to households with out property possession following the beginning of a kid.
The town additionally introduced a variety of latest help insurance policies for childbirth and parenting, together with subsidies for medical and surgical bills for infertile {couples}, monetary help for households with newborns and initiatives to cut back the general value of elevating kids.
“The birthrate has began to point out indicators of enchancment lately, after a protracted decline,” Seoul Mayor Oh Se-hoon mentioned.
“The town authorities will make daring investments subsequent 12 months to make sure this turns into a sustained pattern slightly than a brief scenario.”
As of July, the variety of births throughout the nation elevated by practically 8 % in September in comparison with the identical month final 12 months, whereas marriages rose by 33 % year-on-year.
Moreover, town authorities plans to determine train services close to subway stations to encourage bodily exercise, because the inhabitants aged 65 and older approaches 20 %, marking the onset of a super-aged society.
Moreover, a public care system can be launched to supply providers for severely sick and previous people and help for remoted residents. A complete finances of 36.2 billion gained can be allotted for these initiatives.
“We are going to actively spend money on the well being and security of our residents and the way forward for Seoul,” Oh mentioned.
