Yoon declares 'demographic national emergency,' vows all-out efforts to tackle low birthrate

The government has tried various incentives to help entice families to have children over the past decade, but a number of factors, including expensive housing prices, education costs and long working hours, have made young people reluctant to start families and have babies.

Yoon outlined three main areas focused on balancing work and life, improving child care and providing better housing to address the complex issues.

The measures include increasing parental leave allowances and extending leave for fathers, aiming to raise the usage rate of paternity leave from the current 6.8 percent to 50 percent during Yoon's term.

They also include implementing flexible work hours, extending the age limit for reduced working hours for parents of young children and providing subsidies for employers who hire temporary replacements for employees on parental leave.

Imagine doing capitalism so well you have to revert to socdemery