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South Korean companies are offering workers $75,000 to have babies amid the country's desperate bid for more children
(www.businessinsider.com)
this post was submitted on 26 Feb 2024
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This is the best summary I could come up with:
A South Korean firm is offering employees up to $75,000 to have children and help lift the country's ailing birth rate.
The announcement comes after Booyoung Group, a construction firm based in Seoul, earlier this month declared it would give a $75,000 per-child bonus to employees who have babies, CNN reported.
The company's employees have collectively had at least 70 children since 2021, so the firm is on the hook to disburse $5.25 million in cash to its workers, per CNN.
Like in China and Japan, South Korea's aging and increasingly imbalanced population means there could be a surge in retired older people who require medical care while the country's supply of younger workers dwindles.
South Korean President Yoon Suk Yeol on February 13 ordered his administration to develop tax incentives and subsidies for companies that encourage their employees to have children.
In Seoul, municipal authorities are giving $750 every month to parents who have children until their babies turn one year old.
The original article contains 305 words, the summary contains 163 words. Saved 47%. I'm a bot and I'm open source!