WATCH | This South Korean city will pay married couples to have babies

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A South Korean City, Changwon, is offering a grant of 100 million South Korean won - the equivalent of $92 000 or just over R1.4 million - to all married couples in the region, provided they have kids.

This, according to the South Korean network, KNN, which revealed that the incentive is being offered as a loan in a bid to combat the problem of a declining population.

As per the incentive, if a married couple have one child the interest on the grant is waived. Should couples decide to have two kids,  30 percent of the loan will be waived. 

If the family decides to have three children, the entire loan is forgiven or becomes a grant.

Kim-Jong-pil, a representative of Changwon's planing department said that the policy has been introduced at a time when "more innovative marriage and childbirth incentives" are needed in the city.

Watch the video above for more. 

Compiled for Parent24 by Athenkosi Mndende

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