South Korea plans to provide every family with a newborn child a monthly allowance of 1 million won ($740), in order to encourage more births.
The initiative will begin next year starting with 700,000 won a month, and then rise to the entire amount in 2024.
When the child turns one, the allowance will be reduced by half and be given for one more year.
The 1 million-won allowance was one of President Yoon Suk Yeol's election campaign pledges to address Korea's low birth rate.
By 2100, the population is expected to decrease by 53% to 24 million, according to UN and World Bank data.
