Taiwan officials announced plans to provide new family subsidies, giving up to $3,320 for each newborn, as the country experiences a low birth rate.
On Thursday, the nation's cabinet approved standardized cash payouts to families for every newborn as well as coverage of a larger proportion of infertility treatment costs. Under the new policy, twins will qualify for a payment of almost $7,000.
Taiwan's Declining Birth Rate
The country's previous system included payouts that ranged from $1,300 to $2,300 for each new baby in the family, depending on the mother's employment status. The Asian nation became a "super-aged society" this year, which means that more than 20% of its population is 65 years or older.
Taiwan has one of the lowest birth rates in the world, having a total birth rate of 0.087 in 2022. In order to maintain a total fertility rate of 2.1 children per woman, countries need to hit what the French Institute for Demographic Studies calls "replacement level," according to Aljazeera.
This means the number of children a couple must have to replace themselves in the population. Last year, Taiwan experienced its ninth consecutive year of declining birth rates, based on data from the country's Ministry of Interior.
Read more: More Than a Dozen Children Found Living in 'Infested and Filthy' Home; Removed From Parents' Care
The new benefits will also extend to couples who are facing infertility, as women aged 39 and under will reportedly be eligible to receive subsidies for up to six attempts at in vitro fertilization (IVF). On the other hand, women aged between 39 and 45 will receive subsidies for their first three attempts.
The plan will be effective next year to standardize and increase childbirth allowances across social insurance systems. The proposed package also includes subsidies for egg-freezing and sperm-freezing for Taiwanese nationals aged 18 to 40 who are at risk of fertility loss due to illnesses, AA reported.
New Family Subsidies
The new policy is part of the country's broader efforts to address its rapidly declining birth rate. Currently, the National Development Council predicts that Taiwan will be among the world's oldest societies by 2060. Its elderly population is projected to rise to more than 41% of its total population.
During a briefing, Minister without Portfolio Chen Shih-chung said that the proposed package is part of the government's efforts to address the current issues in the nation, as per Focus Taiwan.
The lawmaker added that the new subsidies are expected to provide assistance to more than 120,000 families across Taiwan.
