Expansion of Child Allowance to 'Under 8 Years Old'... Infant Allowance Also to Be Provided from Next Year

[Image source=Yonhap News]

[Asia Economy Reporter Kang Nahum] The National Assembly's Health and Welfare Committee held a plenary session on the 25th and passed a revision to the Child Allowance Act to expand the eligibility age for child allowance payments to up to 8 years old.

The monthly child allowance of 100,000 KRW is currently paid to children from 0 years old up to under 7 years old. The revision expands the eligibility to under 8 years old and stipulates that children born from next year will receive an additional infant allowance for 24 months in addition to the child allowance.

The infant allowance payment amount will start at 300,000 KRW next year considering the financial situation, and will be gradually increased to 350,000 KRW in 2023, 400,000 KRW in 2024, and 500,000 KRW in 2025.

The Welfare Committee also passed a revision to the Framework Act on Low Fertility and Aging Society to provide vouchers to children born from next year to alleviate the economic burden of child-rearing. Accordingly, children born from next year will be able to receive a 2 million KRW voucher called the 'First Meeting Use Voucher.'

This content was produced with the assistance of AI translation services.