South Korean Firms Offering $75,000 Bonus for Workers to Have Kids

Did you know that some South Korean companies are offering employees up to $75,000 in bonuses to help combat the country’s declining birth rate? Two firms, Booyoung Group and Ssangbangwool, have recently introduced birth programs to encourage their employees to have children.

Ssangbangwool, an underwear company, announced that it will provide workers with $22,400 for their first child, $22,400 for a second child, and $30,000 for a third child. The company stated that addressing the low birth rate is a crucial societal issue, and they are committed to supporting efforts to increase the fertility rate.

Booyoung Group, a construction firm based in Seoul, also made headlines by offering a $75,000 per-child bonus to employees who have babies. The bonus is applicable to employees who have had children since 2021, and the company is set to pay out $5.25 million to its workers who have collectively welcomed at least 70 children.

Both men and women can benefit from these bonuses, which aim to address the aging and imbalanced population in South Korea. With a national fertility rate of 0.78 in 2022 and a birth rate of 0.59 in Seoul, the country is facing demographic challenges that necessitate a fertility rate of 2.1 to sustain its population.

To further encourage childbearing, South Korean President Yoon Suk Yeol has instructed his administration to develop tax incentives and subsidies for companies that support employees in having children. Additionally, municipal authorities in Seoul are offering $750 per month to parents of young children to provide financial assistance until their babies reach one year of age.

These initiatives reflect the urgent need to address the declining birth rate in South Korea and ensure the country’s future sustainability.

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