""If the current state of low birth rates persists, we will face a national existential crisis such as workforce decline and a lack of defense manpower necessary for national security,""
""The low birth rate results from financial burdens and difficulties in balancing work and family life, so we decided to take such a drastic measure.""
""If land is provided by the government, for employees with three or more children, we'll let them choose between a childbirth incentive equivalent for three newborns or a public-housing-like rental home [with no tenant tax burden or maintenance responsibilities],""
Booyoung Group is providing 100 million won (~$75,000) to each employee who has a baby, with payments backdated for earlier births. The company has awarded 7 billion won to staff who collectively had 70 babies since 2021. The benefit applies to both male and female employees across a 2,500-person workforce. Additional measures include assistance with college tuition, direct-family medical expenses, child allowances, and potential rent support or public-housing-like rental homes for employees with three or more children if government land is provided. A tax-deduction proposal aims to waive corporate and income tax so employees receive full benefits.
Read at Fortune
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