ATHENS – Giving bonuses for babies hasn’t worked to get Greeks to have more children, and the country is on a path to have its lowest birth rate in modern history in 2024, with the New Democracy government promising more incentives.

An initial payment of €2,000 ($2,148) for each child was raised to €2,400 ($2,578) but has been offset by inflation and rising costs, particularly at supermarkets, further deterring couples from having children.

With the cost of raising a child up to age 18 in Greece said to be €233,000 ($250,234), people have shunned doing so after the 2010-18 financial and austerity crisis saw the population begin shrinking faster.

Using the motto “One More Child,” the government is looking at ways to further encourage people to have children while cautioning that it will be determined by fiscal capacity, although the economy is accelerating.

Only 28,500 children were born in the first five months of 2024, a path that would see fewer than 70,000 by year’s end, the low birth rate adding to the cost of social security to pay out pensions and reducing how much is paid in taxes.

Prime Minister Kyriakos Mitsotakis said ahead of the recent European Parliament elections, which saw his New Democracy government slip in support, that he’d look at increasing the child benefit further.

Other incentives being considered include more tax credits for those with children, tax breaks for businesses setting up facilities for working parents, preference for families in housing programs, and privileges for those with three children.

In May, Mitsotakis said his government also aims to provide all parents with access to nurseries and daycare, whether in the public or private sectors, while highlighting the importance of all-day schools.