Ahead of Children's Day, all 2,998 children and adolescents residing in Shinan County, South Jeolla Province, received a Sunshine Child Allowance of ₩600,000 per person. The allowance is paid in two installments, ₩600,000 in the first half of the year and another ₩600,000 in the second half, totaling ₩1.2 million annually.
The Sunshine Child Allowance, implemented by Shinan County as the first of its kind nationwide, has tripled in amount within three years. The number of children receiving the allowance has also steadily increased.
On the 5th, Shinan County announced, "The payment of the first half of the Sunshine Child Allowance, amounting to ₩600,000 per person for all residents under the age of 18, was completed between April 30th and May 2nd." The county provides the child allowance in two halves each year to adolescents and children under 18 residing within its borders. This year's total payment amounts to ₩1.2 million per person.
The Sunshine Child Allowance is funded by the profits generated from renewable energy projects, such as solar and wind power plants, established in Shinan County. The county enacted the "Ordinance on Sharing Profits from the Development of New and Renewable Energy in Shinan County" and began distributing the Sunshine Child Allowance in 2023, the first such initiative in South Korea.
The ordinance mandates that renewable energy power plant operators contribute 10% of their profits to the child allowance fund. The annual allowance, which started at ₩400,000 in 2023, increased to ₩800,000 in 2024. This year's payment of ₩1.2 million annually marks a significant milestone, exceeding a monthly average of ₩100,000 within three years of the allowance's introduction.
The number of children and adolescents receiving the Sunshine Child Allowance has also shown consistent growth. The number of eligible recipients increased from 2,819 in 2023 to 2,888 in 2024, an increase of 69 individuals. This year, the number of recipients has further risen to 2,998, an increase of 110 compared to the previous year.
Approximately 46% (1,381 individuals) of the children receiving the allowance have enrolled in the "Sunshine Child Savings Account," which offers additional interest rate benefits supported by local agricultural cooperatives and power generation companies. By depositing the allowance into this savings account, beneficiaries can receive an annual preferential interest rate of 7.5%, comprising 4% from the local agricultural cooperative and 3% from the Korea Federation of New & Renewable Energy Cooperatives, enabling them to accumulate substantial savings.
An official from Shinan County stated, "The steady increase in the number of children since the implementation of the Sunshine Child Allowance in 2023 is a significant achievement. We hope that the child allowance will alleviate the financial burden of raising children for residents and contribute to resolving the issue of population decline."
[Copyright (c) Global Economic Times. All Rights Reserved.]
