WASHINGTON, March 26 (UPI) -- South Korea needs to invest more in children in order to keep its economic edge, a government official said.
By establishing child-development accounts, which will be partially federally funded savings accounts for financially underprivileged children, will provide a means to pay for and expand the economic opportunities of future generations, Health and Welfare Minister Simin Rhyu said at a briefing on the subject at a Washington think tank Monday.
South Korea's low annual birthrate and rapidly increasing elderly population are two problems that necessitated a "paradigm shift to social investment in Korea," Rhyu said.
So far, public reception to the program has been good, he said, adding that while "there is an unclear boundary in Korea between the government and individuals ... when we present a good plan for children, they are happy with that plan."
The accounts begin to take effect this year, and children without parents will be the first to receive them. They will gradually expand to include children in families of the poorer working class and finally children in middle-class families.
Meanwhile, in order to stimulate early learning, a program providing educational services to children in low-income families has also been created, Rhyu said. The Hope Start Project will also provide health and welfare services, as well as job training for parents whose children qualify, he said.
