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$101k for a baby? South Korean businesses float incentives as demographic crisis looms
Companies and politicians try new strategies to encourage workers to start families.
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South Korea’s total fertility rate fell from 0.78 in 2022 to 0.72 in 2023, according to government figures.
PHOTO: REUTERS
Christian Davies, Song Jung-a and Kang Buseong
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South Korean construction group Booyoung is offering workers a US$75,000 (S$101,000) bonus for each baby they produce, one of many eye-catching incentives on offer as politicians and companies grapple with the country’s demographic crisis.
“If Korea’s birth rate remains low, the country will face extinction,” Booyoung chair Lee Joong-keun told employees in February.
