By: Carson Devitt 2/7/2024
Many countries in Southeast Asia, including China, are facing aging populations and declining birth rates. To address this issue, a South Korean company, Booyoung Group, is offering its employees money for having babies. The construction firm plans to pay its workers $75,000 each time they have a baby and a total of $5.25 million dollars in cash to employees who have had 70 babies since 2021.
Additional monetary compensation such as rental housing and land will be offered to employees with three babies who don't want the cash.
The chairman of the company expressed his concerns about the falling birth rate. South Korea has the world's lowest fertility rate, and this is expected to drop further in 2025 to .65.