A construction company in Seoul has come up with a unique way to help tackle the country's alarmingly low birth rate. The Booyoung Group is offering to pay 100 million Korean won ($75,000 or Rs 62,26,106 ) to its employees each time they have a baby.
As per a report by CNN, the company, in a press release, has said that it will pay a total of seven billion Korean won ($5.25 million or Rs 43,58,27,437) in cash to employees who have had a total of 70 babies since 2021.
The benefit will extend to both male and female employees, the company confirmed. "I hope we will get recognised as a company that contributes to encouraging births and worries about the country's future, "Booyoung Group's Chairman Lee Joong-keun said about the initiative.
Explaining that the company was aiming to ease the monetary burden of raising children on its employees through direct financial support, Mr Joong-keun added that employees with three children would have a special option to choose what benefit they would like to receive. They can choose between receiving “300 million Korean won ($225,000 or Rs 1,86,78,318) in cash or rental housing if the government offers land for construction”.
The company's initiative comes at a time when South Korea is recording dangerously low fertility rates. In 2022, South Korea recorded the world's lowest fertility rate of 0.78, a number that is expected to drop to 0.65 in 2025, as per Statistics Korea.
Fertility rate refers to the average number of children a woman will have in her lifetime.
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