South Korea’s birth rate is the lowest in the world, a crisis that has been a cause for concern for many years. With parliamentary elections approaching, many candidates are proposing new incentives to encourage potential parents to have children. These proposals include housing allowances, tax breaks, mandatory paternity leave and subsidies for egg freezing programs. However, despite these efforts, the declining birth rate poses a threat not only to South Korea’s population but also has societal implications such as a decrease in personnel in the Defense Forces and declining student enrollment in universities.
One company that is taking proactive measures to address this problem is Booyoung Group. This South Korean construction specialist has implemented an innovative approach by offering a bonus of nearly 70,000 euros for each baby born to an employee. This incentive aims to tackle the population crisis threatening South Korea’s future.
Another company taking similar steps is Lotte. Lotte offers mandatory maternity and paternity leaves to employees and has successfully increased the fertility rate among their employees. By improving corporate culture and work-life balance, companies like Lotte are recognizing the importance of addressing fertility problems.
In contrast, Finland has a higher fertility rate of 1.32 than South Korea’s total fertility rate of 0.71, well below the replacement rate of 2.1 children per woman estimated by the OECD. The severity of this situation is further emphasized by the fact that more strollers for pets were sold in South Korea than for babies last year.
Urgent action is needed to address this issue and prevent further population decline in South Korea. By implementing new policies and incentives, companies can play a vital role in tackling this crisis and ensuring a sustainable future for our country.