In order to overcome the low birth rate, Japan has come up with a financial policy for its newly weds. The Japanese government will provide 6,00,000 yen (Rs 4.2 lakhs) to cover the living cost of couples from coming April, if they decide to stay in the municipalities, which have adopted the government’s ‘Newlyweds and New Life Support Project’, reports Japan Today.
The policy amount will cover the various livings costs including rent, deposits, rebates, and moving expenses etc.
However, the couples have to be under the age of 40 as of the registered date of marriage and must have a combined income of 5.4 million yen. Under the current policy, couples under the age of 35 with a combined income of 4.8 million yen get a coverage of 3,00,000 yen, hence taking their fight against the falling birthrate another level ahead, the government has doubled the rate.
People in Japan often marry late or stay unmarried citing the lack of funds for marriage.
‘An economic incentive is deemed effective to encourage people to marry since 29.1 per cent of single men aged 25 to 34 and 17.8 per cent of single women cited lack of marriage funds as a reason they stayed unmarried in a 2015 survey by the National Institute of Population and Social Security Research’, states the report.
As of July, only 281 municipalities have implemented the project and that accounts only 15% of all municipalities. Since the local governments have to bear half of the expenses, it’s becoming difficult for more governments adopt to the policy. Hence, the central government has decided to bear two-third of the expense from the next financial year.
Kyodo news states that the total number of births last year saw a record-low of 865,000. Late marriage and rising rates of unmarried people are also two major reasons for the low birth rate.