South Korea Introduces Foreign Nannies to Combat Record-Low Birth Rate

• South Korea allows foreign nannies to address world's lowest birth rate of 0.72 children per woman
• 100 Filipino nannies granted visas, with plans to bring 1,200 by first half of 2025
• Government spent 380 trillion won on fertility incentives with little improvement
• Cost remains a hurdle: hiring foreign nannies could cost half of average monthly household income
• Officials exploring ways to mitigate cost burden for families interested in program

Source: Bloomberg