Russia is seeking to reverse its birth rate decline with hefty payouts to new parents. According to a new legislation, for the birth of a first child as of the beginning of this year, a family or single parent can receive about 466,000 rubles ($7,300). That amount is about the equivalent of 10 times the average national monthly salary, according to data by the Federal State Statistics Service. For a second child, the payout would be about 616,000 rubles, the lower house of parliament said in a statement. With a total fertility rate of fewer than two births per woman, Russia is struggling to sustain its population of about 147 million people, reported the German News Agency. Russia, geographically the worlds largest country, has the worlds ninth-largest population, behind Bangladesh. Russian President Vladimir Putin has cited economic hardships as a major factor behind the birth rate decline. In his state of the nation speech last month, Putin said that birth rate decline is a "direct threat" to the countrys future. The total fertility rate is expected to amount to 1.7 per woman in 2024, he said, proposing monetary incentives to help new families. Lower House Speaker Vyacheslav Volodin said in a statement on Thursday: "This is one of the most important initiatives proposed during the presidents 2020 speech."