China is offering parents 3,600 Yuan ($500) per year for each child under three, in its first nationwide effort to raise birth rates. The policy, announced Monday, will be backdated to early 2024 and aims to ease parenting costs for around 20m families, according to BBC.

Despite ending its one-child policy years ago, China’s population continues to shrink and age. Local governments have tested similar incentives, with some offering up to 100,000 Yuan per child. Raising a child in China now costs an average of $75,700—among the highest globally.