South Korean billionaire boss offers $75,000 bonus to staff with newborns

By Minh Hieu   March 5, 2024 | 04:51 pm PT
South Korean billionaire boss offers $75,000 bonus to staff with newborns
Some South Korean companies issue bonuses promoting childbirth. Illustration photo by Freepik
South Korean construction giant Booyoung Group, led by billionaire Lee Jong-keun, has recently announced it will give out $75,000 bonuses for employees each time they have a newborn.

This inclusive policy extends to both male and female workers within the Booyoung Group. For employees blessed with more than three newborns, they have the choice between a $225,000 bonus or housing support.

If this is not enough to encourage staff to have more children, the firm is ready to introduce even more policies to reduce childcare costs for employees, CNN quoted the firm’s chairman Lee Jong-keunas saying.

The firm has previously paid tuition fees and healthcare costs for the children of some workers.

Lee is the founder of the company and has a net worth of $1.1 billion, as estimated by Forbes.

These new initiatives come as South Korea grapples with a fertility rate of 0.78, the lowest globally, which is forecasted to decline to 0.65 by 2025, according to Fortune.

Fearing that this trend would drastically cut the country’s workforce, several businesses have taken proactive steps to encourage their employees to give birth or provide assistance with childcare.

Similar to Booyoung, several other South Korean businesses, including multinational chemical firm Kumho Petrochemical, construction management firm HanmiGlobal, and pharmaceutical company Yuhan Corp, have recently issued bonuses promoting childbirth, UPI reported.

These firms’ bonuses range from $3,800-7,600 for each new child.

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