A South Korean company announced its intention to help raise the country’s very low birth rate by paying millions of dollars to encourage its employees to have children.
She said a group Buyunga construction company based in the capital, Seoul, said in a press release on Monday that it plans to pay employees 100 million Korean won (about 75 thousand dollars) every time they have a child.
The company added that it will also pay a total of 7 billion Korean won ($5.25 million) in cash to employees, who have given birth to 70 children since 2021.
A company spokesman said that this grant is available to employees, whether men or women, according to what CNN reported.
South Korea, with a population of 51 million, faces the challenge of an aging population and has the lowest birth rate in the world because women prefer to focus on their careers.
The network says that the country has the lowest fertility rate in the world, which is the average number of children a woman gives birth to in her lifetime, reaching a new low in 2022 of 0.78.
Statistics Korea expects this ratio to decrease to 0.65 in 2025.
In theory, people need a fertility rate of 2.1 to enjoy demographic stability.
The group’s chairman, Lee Jong-keun, said the company provides financial support to its employees to help ease the financial burden of raising children.
He added at an event organized by the company on Monday that employees with three children will be given the option to choose between receiving 300 million Korean won ($225,000) in cash or obtaining housing, if the government provides land for construction.
The South Korean government and other private companies already offer financial benefits to encourage people to have more children, and similar programs exist in China, which has seen its population decline for two years in a row.
According to the magazine Forbes Lee Jong-kyun is married, has four children, and his fortune is $1.1 billion.
2024-02-06 12:45:54
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