To help raise the birthrate in South Korea, the Booyoung Group is giving cash bonuses worth a total of 7 billion won (US$5.27 million) to employees whose babies are born starting in 2021.
With this change, Booyoung will give 100 million won (US$75,359) per child, showing that it wants to help its employees start and raise families.
At the New Year ceremony for the Booyoung Group, Chairman Lee Joong-keun said, “If Korea’s birth rate stays low, the country will face the crisis of extinction in 20 years.” “The low birthrate is caused by financial problems and trouble balancing work and family life, which is why we chose to do something so extreme.”
The company also says it will give parents of more than three children who work there a choice between 300 million won (US$226,078) and fixed rental housing that is less than 85 square meters, as long as the government provides land for building the homes.
The Korea Times said this is the first time any company in South Korea has decided to set aside a big amount of money to encourage its workers to have children.
The group also asked the South Korean government to stop taxing donations so that more couples would choose to have children.
The news of this was good for the people who work at Booyoung Group. “I was afraid that raising a child would put a strain on my finances, but with the company’s help, I’m now thinking about having another child,” said a Booyoung worker who recently gave birth.
Officials in the construction industry think that other companies may follow Booyoung’s lead. This is because low birth rates have effects on the desire for new homes and the number of people working.
