"What the committee should do is to devise more fundamental, effective measures while reflecting on the measures that have been taken so far," Moon said, noting that erstwhile policies have failed despite the huge amount of taxpayer money poured into them.

"Beyond the issue of a decrease in the working age population or economic difficulties, we can be faced with a serious demographic crisis that could shake the foundation of the Republic of Korea (if the issue is not properly handled)," he added.

Various data from home and abroad have underscored the severity of the demographic challenge Korea has faced.

Data, released recently by the US Central Intelligence Agency, found that the country's total fertility rate, or the average number of children that a woman bears over her lifetime, stood at just 1.26. This placed South Korea 219th among 224 nations checked.

According to Statistics Korea, the number of babies born in 2016 reached 406,300, down 7.3 percent, or 32,100, from a year earlier. The figure marked the lowest number of newborns since 1970, when the statistics agency started to compile such data.

Pointing to the woeful numbers, Moon called on the committee to "boldly" overcome the limits of existing policies to tackle the low fertility rate.

"The government has so far focused on reducing the burden related to marriage, child delivery and care, but we have found that they are insufficient," Moon said. "Beyond the policy of encouraging births, we now have to pay attention to the issues of women's lives at large and move in the direction of helping address them."

What matters more than anything is to help women find a work-family balance, Moon added.

"The fundamental measure to address low fertility is to create a society in which women can protect the values of their lives while continuing their professional careers, and get married and raise children," he said. (Yonhap)