South Korean company offers Rs 62 lakh for child birth | Credit: Unsplash
Seoul: In a bid to boost the country’s declining population, a company in South Korea has launched a unique initiative for the family. Booyoung Group has announced a child award for its employees. The company has announced a reward of Rs 62 lakh for every employee who will have a newborn.
A unique initiative of a South Korean company
Not only this, the company also said it will distribute Rs 43 lakh to employees who have given birth to a total of 70 children since 2021. This initiative comes at a time when South Korea is struggling with an extremely low population rate.
Currently, South Korea has the lowest fertility rate in the world at 0.78, and by 2025 the fertility rate is expected to slip even lower to 0.65. Group leader Booyoung said the initiative will be of great help to new parents who are struggling with the financial difficulties that come with raising a child.
The company provides financial assistance
The leader also said that employees who have three children will be offered 1.8 million rupees either in cash or house rent and it will depend on the land the government has to build the house. This is not the first country where companies have come forward and taken the initiative to increase the country’s population.
A similar wave was seen in China, where people were urged to have children amid the country’s declining population.