The South Korean authorities have launched a financial support program for retirees who care for their own grandchildren to ease the lives of families and stimulate birth rates. This is reported by The Independent.
The experiment is currently taking place on Jeju Island: grandparents receive $200 per family if the little ones stay with them instead of going to kindergarten or a nanny. Similar payments were previously introduced in the capital - Seoul.
Payments are only available to those who care for children aged 2–3 years for at least 40 hours a week and whose income does not exceed 150% of the national average. Priority is given to families where both parents work or where a child is raised by a single parent.
As authorities note, the program is popular as housing costs are rising in the country, there is a shortage of places in kindergartens, and many mothers are forced to work. This support helps retirees contribute to the care of their grandchildren while also reducing the burden on working parents.
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