In line with the decreasing school-aged population, the government will advise universities to lower their student quotas by 2024 and will suspend fiscal support to those that fail to do so.

Education Minister Yoo Eun-hae on Wednesday chaired a meeting of social affairs-related ministers. She announced measures to respond to the dwindling population through strengthening the competitiveness of universities.

Schools that wish to receive state support must submit reform and downsizing plans by next May, after which the ministry will lay out guidelines on student quotas. 

The move comes amid concerns that more universities are struggling with finances or on the brink of closure as students flock to schools in the capital area. Additionally, the school-aged population has plunged to 476-thousand this year from 827-thousand in 2000.

This year, 27 universities filled less than half of their quota, compared to 12 last year.