This paper documents marriage and child penalties in Korea, where the female labor supply remains constrained by marriage and childbirth despite the urgent need to promote the female labor supply in the face of the world’s most rapidly aging population. Using an event-study approach and nationally representative panel data, I find substantial marriage and child penalties in Korea. Unlike developed countries, Korea exhibits a significant marriage penalty that cannot be explained by childbirth-related factors. While marriage penalties declined during the 2010s, child penalties have prevailed despite the expansion of various family policies over the same period. The persistence of child penalties is discussed in relation to prevailing social norms and rigid labor market structures that limit mothers’ labor supply.

　I. Introduction
　II. Research Methodology
　III. Data and Descriptive Statistics
　IV. Empirical Results　
　V. Conclusion
　APPENDIX
　REFERENCES