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SEOUL. – Amid South Korea’s ongoing struggle with one of the world’s lowest fertility rates, a Korean construction company has taken a bold step to tackle the issue head-on.

Booyoung Group, led by founder Joong-keun Lee, has implemented a groundbreaking initiative to encourage its employees to have children by offering substantial cash bonuses upon childbirth.

The company’s innovative scheme has already made waves, with employees receiving 100 million Korean won (US$75 000) per birth each time they welcome a new addition to their family.

According to a Korean Times report, the company has paid out a staggering R100 million since 2021, with two families recently receiving R2.8 million each for having two children.

“If Korea’s birth rate remains low, the country will face the crisis of extinction in 20 years,” said Booyoung Group Chairman Lee Joong-keun.

“The low birthrate results from financial burdens and difficulties in balancing work and family life, so we decided to take such a drastic measure.”

South Korea currently faces the world’s lowest fertility rate, with only 0.7 births per fertile woman.

Korean experts attribute the nation’s declining birth rate to various factors, including shifting societal norms, the high cost of raising children and limited involvement of men in childcare. – IOLnews