Japan to give money to those who have children

Japan has been dealing with low birth rates for a long time. In this context, the country is now making different moves. Country now offers to give money to those who have children. Japanese government is considering paying its citizens more money to encourage them to have more children after the alarming drop in the birth rate.

Japan to give money to those who have children

Currently, Japan is giving birth and childcare Collective Grants to new parents in the amount of 420 thousand Yen. The Ministry of Health, Labor and Social Assistance proposed increasing this grant to 500 thousand Yen. Health Minister Katsunobu Kato held a meeting with Prime Minister Fumiyo Kishida last week to discuss the proposal, Japan Today reported. The renewed grant is expected to be approved by parliament and come into effect from fiscal year 2023. The government described the record low birthrate this year in the world's third-largest economy as "critical".

A total of 599,636 Japanese births from January to September this year remain 4.9 percent below last year's figure, suggesting that the number of births for 2022 may fall below last year's record low of 811 thousand babies. The number of births is expected to decrease to 740,000 in 2040.

Japan's aging population has become a source of concern for the economy and national security. According to the Associated Press, the country's population of more than 125 million is estimated to decrease to 86.7 million by 2060.