Some companies in South Korea are giving employees up to $75,000 bonuses to have babies to help raise the country's declining birth rate. 

South Korea Companies Offer $75,000 to Employees to Have Babies

According to Business Insider, Ssangbangwool, an underwear manufacturer, announced on Thursday its plan to give employees up to $75,000 to expand their families.

A company spokesperson told The Korea Herald that the firm will give workers $22,400 for their first baby, another $22,400 for a second child, and an additional $30,000 for their third baby.

"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," the spokesperson told the outlet.

Earlier this month, Booyoung Group, a construction company in Seoul, made headlines after it pledged to give employees a $75,000 bonus each time they have a baby.

According to CNN, the company is also set to disburse a total of $5.25 million in cash to its employees who have had 70 babies since 2021.

A Booyoung Group spokesperson told CNN that the benefit was available to men and women. Like in China and Japan, South Korea grapples with a rapidly aging population and dwindling numbers of younger workers. 

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National Fertility Rate of South Korea

According to the latest government statistics, the national fertility rate of South Korea in 2022 was 0.78, the world's lowest fertility rate, and it is expected to drop further to 0.65 next year.

The birth rate in Seoul was reportedly even lower at 0.59 that year. On February 13, South Korea's President Yoon Suk Yeol ordered the creation of tax incentives and subsidies for firms that will encourage their employees to have more babies.

Municipal authorities in Seoul, home to a fifth of the nation's population, have already offered $750 monthly to parents who have kids until their babies turn one year old. In China, where the population declined for two straight years, similar programs also exist.

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