- Some South Korean firms are giving out $75,000 bonuses to staff who’ve children.
- Two corporations, Booyoung Group and Ssangbangwool, introduced their delivery applications this month.
- The fertility fee in South Korea was 0.78 in 2022, far decrease than the two.1 it wants to keep up its inhabitants.
A South Korean agency is providing staff as much as $75,000 to have youngsters and assist carry the nation’s ailing delivery fee.
Ssangbangwool, an underwear firm, stated on Thursday that it might give employees $22,400 for his or her first little one, one other $22,400 for a second little one, and $30,000 for his or her third, per The Korea Herald.
“A low birth rate is an important task for our society to overcome. The company will take responsibility and put all-out efforts to help the country increase the fertility rate,” an organization spokesperson, per the outlet.
The announcement comes after Booyoung Group, a development agency primarily based in Seoul, earlier this month declared it might give a $75,000 per-child bonus to staff who’ve infants, CNN reported.
Booyoung Group prolonged the bonus to staff who’ve had youngsters since 2021. The firm’s staff have collectively had at the very least 70 youngsters since 2021, so the agency is on the hook to disburse $5.25 million in money to its employees, per CNN.
Both women and men can declare the bonus, the outlet reported.
Like in China and Japan, South Korea’s ageing and more and more imbalanced inhabitants means there may very well be a surge in retired older individuals who require medical care whereas the nation’s provide of youthful employees dwindles.
The nationwide fertility fee was 0.78 in 2022, and the delivery fee in Seoul — house to a fifth of the nation’s inhabitants — was even decrease at 0.59 that 12 months, in keeping with the most recent authorities statistics.
The nation wants a fertility fee of two.1 to keep up its present inhabitants.
South Korean President Yoon Suk Yeol on February 13 ordered his administration to develop tax incentives and subsidies for firms that encourage their staff to have youngsters.
In Seoul, municipal authorities are giving $750 each month to folks who’ve youngsters till their infants flip one 12 months outdated.