Couples With 3 Children or More to Get Benefits
By Na Jeong-ju
Staff Reporter
The Cabinet approved a plan Tuesday to exempt taxes for automobile buyers if they have three children or more aged under 18.
The measure is part of the government's desperate efforts to fight the low birthrate and rapid aging of society here, according to the presidential office.
The eligible buyers can save up to 1.4 million won ($1,250) in taxes when they register their cars.
A wide range of benefits, including discount on tolls and exemption of fees for using public parking lots are also planned, officials said.
The administration is also taking steps to lower the age of primary school admission by one year to five and offer incentives to third-born children when they take college entrance exams and seek jobs.
President Lee has warned that the falling birthrate is one of the biggest challenges for the country in preparing for the future.
Policymakers plan to increase the number of childcare centers nationwide and offer financial aid to couples with children under school age.
In addition, the government is seeking to hold a nationwide anti-abortion campaign, encourage adoption and ease immigration rules to secure a quality foreign workforce.
Families with three children or more will be given discounts on interest rates on their mortgages.
The administration will provide subsidies of 1.5 million won ($1,300) up to three times to couples undergoing artificial insemination.