November 2024 Recap
November 2024 saw South Korea build on its efforts to address the demographic crisis, focusing on innovative work-life balance policies, significant investments in automation, and discussions on societal shifts. The month marked a cautious optimism with signs of a modest recovery in fertility rates and expanded public-private sector collaboration on solutions.
Key Highlights:
- Fertility Rate Rebound: Projected rise to 0.74 in 2024, ending a nine-year decline.
- Robot Workforce Milestone: Over 10% of the industrial workforce now consists of robots, addressing labor shortages.
- Work-Life Balance Measures: Extended parental leave, higher subsidies, and flexible work policies for parents introduced.
- Career Breaks Among Women: Data shows 70% of married women cite child-rearing or pregnancy for career interruptions.
- IMF Recommendations: Economic reforms suggested to attract foreign talent, improve gender equality, and reduce barriers to childbirth.
- Cultural Challenges: Survey highlights low satisfaction in relationships and romance, linked to demographic issues.
- Housing Support Expansion: New subsidies and rental programs announced to ease financial pressures on young families.
- Parental Leave Accessibility: Freelancers and self-employed workers to receive leave benefits starting 2025.