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S. Korea to encourage more economic participation amid rapid decline in population Updated: 2020-08-27 10:02:24 KST

South Korea aims to expand the economic participation of women, young people and the elderly to deal with the continuous decline in population.
Meeting with economy-related ministers on Thursday, Finance Minister Hong Nam-ki said South Korea's total fertility rate for the second quarter fell to its lowest ever at zero.eight-four, and stressed the need for more government measures.

"The changes in population could lead to a decline in economic growth while increasing the burden of supporting the elderly. This could pose a great threat to the economy and society as a whole so the government measures are not an option but a matter of survival."

To encourage more women in the workplace, women will be allowed to split their maternity leave into several blocks.
The government also aims to provide job support for young people while adjusting employment policies for the elderly.
In addition, to provide a skilled workforce for small and medium-sized businesses, some foreign students who majored in natural sciences and engineering will be eligible to work in the country.
During Thursday's meeting, the government also came up with extra economic measures to deal with the rapid resurgence of COVID-19.
This includes releasing the rest of the 84-billion U.S. dollars budgeted to support small to medium-sized businesses.
The due date for bank loans and the grace period for interest payments that were originally set for September will be extended.
As for the virus-ravaged aviation industry, rent for airport facilities and related businesses will also be extended until the end of the year.
Kim Sung-min, Arirang News.
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