Booyoung Group is launching a groundbreaking initiative to encourage childbirth among its employees by offering 100 million won to those who have children. (Image courtesy of Yonhap)
SEOUL, Feb. 6 (Korea Bizwire) – Booyoung Group is launching a groundbreaking initiative to encourage childbirth among its employees by offering 100 million won to those who have children. Additionally, the company has proposed providing permanent rental housing of average size to employees who have three or more children.
Chairman Lee Joong-keun announced at the 2024 New Year’s ceremony held at the company’s headquarters in Jung-gu, Seoul, that 70 employees who had children since 2021 have already received a total of 7 billion won in childbirth incentives, 100 million won for each child.
Lee emphasized that South Korea will face a national crisis over the next couple of decades due to its persistently low birth rate, driven by the economic burden of child-rearing and difficulties in balancing work and family life. This has led to the introduction of the childbirth incentive scheme.
Booyoung Group plans to continue providing 100 million won per child as a childbirth incentive. (Image courtesy of Yonhap)
Booyoung Group plans to continue providing 100 million won per child as a childbirth incentive, a precedent-setting amount in corporate childbirth support.
For employees with three or more children, Lee promised housing support, stating that if land is provided by the state, employees can choose between the childbirth incentive for three children or a permanent rental house of average size.
Jung Hyun Son, a Booyoung employee who had a child on January 3, expressed gratitude for the company’s substantial support, which alleviates financial concerns and enables planning for more children.
Lee proposed a “childbirth incentive donation tax exemption system” as a solution to low birth rates. (Image courtesy of Yonhap)
On the same day, Lee proposed a “childbirth incentive donation tax exemption system” as a solution to low birth rates. This system would exempt from taxation any amount up to 100 million won donated by individuals or corporations to children born after January 1, 2021, for three years.
Lee believes that with such a system in place, individuals and corporations could voluntarily contribute to overcoming the low birth rate crisis, akin to a fundraising campaign.
In addition to the childbirth incentives, Booyoung Group is currently running various welfare programs to address the low birth rate issue, including providing college tuition for employees’ children, medical expenses for direct family members, and child allowances.
M. H. Lee (mhlee@koreabizwire.com)
