Booyoung, a South Korean construction group, will give its workers an annual bonus of $75,000 for each child they have as an initiative to start or expand families, according to media reports, in a country tackling a demographic crisis with attention-grabbing measures.
Addressing employees last month, Booyoung founder Lee Joong-keun said that if South Korea's birth rate remains low, the nation could face extinction.
Falling birth rate in South Korea
According to government data, South Korea's total fertility rate dropped from 0.78 in 2022 to 0.72 in 2023 and is projected to decline further to 0.68 this year. This rate falls well below the 2.1 deemed necessary by the Organisation for Economic Co-operation and Development (OECD) to have a stable population.
https://www.business-standard.com/w...-have-babies-help-country-124032800295_1.html
