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South Korean company will pay its employees $75,000 to have babies. Here's why
Booyoung Group announced that they will give a hefty sum to its employees for having children to help ease the financial burden of raising children.
A company in South Korea is offering its workers 100 million Korean won ($75,000) each time they become parents. But why? Booyoung Group, a construction company is offering this hefty sum to address the low birth rate in South Korea. As per reports, the company also announced that it would give cash payments totalling 7 billion Korean won ($5.25 million) to staff members who have given birth to 70 children since 2021.
Booyoung Group’s Chairman Lee Joong-keun told CNN that they are offering “direct financial support” to the employees to help ease the financial burden of raising children. He also said, "I hope we would get recognized as a company that contributes to encouraging births and worries about the country’s future." (Also Read: South Korea shatters its own record for world’s lowest fertility rate: Report)
As per CNN, he stated at a company event that employees with three newborns will be given the option of getting 300 million Korean won ($225,000) in cash or rental housing if the government supplies land for the building.
As per Statistics Korea, a government organization responsible for managing national statistics in South Korea, the fertility rate or the average number of expected babies per South Korean woman over her reproductive life span fell from 0.81 to 0.78 in 2022. According to experts, the rate must be at least 2.1 to maintain the 52 million-person population of the nation. Relative to the previous year, the number of newborns declined from 260,600 to 249,000.
