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South Korean Firm: Baby Bonus

Booyoung Group is launching a programme to help improve the nation’s declining birth rate.

By Maggie Mancini

Booyoung Group is launching an initiative to encourage childbirth among its employees, offering 100 million won to those who have children. Additionally, the company has proposed providing permanent rental housing to employees with three or more children. The initiative was announced at the 2024 New Year’s ceremony held at the company’s headquarters in Seoul – with Chairman Lee Joong-keun noting that 70 employees who have had children since 2021 have received 7 billion won in incentives.  

The programme comes as South Korea anticipates a national crisis over the next few decades due to its persistently low birth rate, driven by economic difficulties. The firm plans to continue to provide 100 million won per child as an incentive, more than any other Korean firm.  

Further, Lee proposes a donation tax exemption system as a possible solution to South Korea’s low birth rates. If implemented, this would exempt any amount up to 100 million won donated to children for three years.  

The company has also adopted several welfare programmes to address low birth rates, including providing college tuition for employees’ children and covering medical expenses for family members.  

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