The Singaporean government is now offering residents a financial incentive to have children during the coronavirus pandemic. The country's deputy prime minister announced that they will be offering a one-time payment to parents to help boost the country's birth rates.
Deputy Prime Minister Heng Swee Keat said that the pandemic has resulted in some deciding to postpone plans of having a baby this year. He added that the situation was, of course, understandable as most residents do face some uncertainties when it comes to income security.
The government had decided to offer financial incentives to married couples to at least cover some of the expenses necessary for new parents. The official did not immediately disclose the exact amount that would be paid out.
Similar to other countries, Singapore's economy took quite a beating during the pandemic, despite its largely successful public health response. The crisis sent the country's economy into a deep recession, with its gross domestic product contracting by about 12.6% during the second quarter this year. According to economists, the shrinkage was the "steepest drop on record."
The pandemic had also raised new concerns over the country's birth rates, which is currently one of the lowest in the world. Previous governments had attempted to solve the issue but most of the efforts have been relatively unsuccessful.
"Like many developed countries, Singapore's key population challenges are our low fertility and an aging population. Our aim is to achieve a sustainable population that supports both economic growth and social cohesion so that Singapore remains vibrant and livable," officials wrote in a report published back in 2011.
According to the sovereign island nation's statistics agency, fertility rates still lingers around 1.14 births per woman. This places Singapore on the same level as Hong Kong and slightly above South Korea and Puerto Rico.
Countries typically need a fertility rate of above 2.1 births per female resident in order to naturally repopulate. Those with rates below that are likely to face issues such as an overabundance of elderly citizens, which can place massive pressures on a country's economy. Most developed countries in Asia and the rest of the world are facing the same problem as younger generations no longer place the same importance on traditional gender roles.
