SBW Group has declared its commitment to addressing South Korea’s declining birth rates by offering substantial childbirth incentives to its employees. (Image courtesy of SBW Group)
SEOUL, Feb. 23 (Korea Bizwire) – SBW Group has declared its commitment to addressing South Korea’s declining birth rates by offering substantial childbirth incentives to its employees.
During a campaign launch ceremony held at its headquarters in Yongsan-gu, Seoul, the conglomerate announced that from January 1 of this year, employees with over five years of service who have children will receive 30 million won for their first child, an additional 30 million won for their second, and 40 million won for their third, totaling up to 100 million won for three children.
In addition to these incentives, the group has pledged to support couples facing fertility challenges by covering in-vitro fertilization (IVF) treatment costs up to 3 million won per year, separate from government subsidies. This support includes covering expenses for ultrasounds, injections, and medications.
A spokesperson for SBW Group emphasized the importance of addressing low birth rates as a critical societal challenge and assured that the company would devote all its resources to developing substantial measures as part of its corporate social responsibility.
Previously, other conglomerates like Booyoung and Lotte have made headlines with their own initiatives to encourage childbirth among their employees.
Booyoung has awarded 100 million won in cash for each child born to its employees after 2021, benefiting 70 children to date.
Lotte, on the other hand, has offered a two-year free rental of a Carnival minivan to employees across all its affiliates who have a third child, as part of its ongoing efforts to support childcare and overcome low birth rates, including the introduction of mandatory paternity leave in 2017.
M. H. Lee (mhlee@koreabizwire.com)
