Shinhan Bank decided to provide a childbirth support fund of up to 30 million won depending on the number of children born.
According to the financial sector on the 2nd, Shinhan Bank agreed at the labor-management council held the previous day to provide support funds of 10 million won for the first child, 20 million won for the second child, and 30 million won for the third child and beyond. The previous support funds were 1.2 million won for the first child, 2 million won for the second child, 3 million won for the third child, and 5 million won for the fourth child and beyond.
The labor and management also decided to expand transportation cost support for employees assigned to local areas living alone to include both married and unmarried employees. However, support will only be provided to unmarried employees who live with their parents.
According to Shinhan Bank, the increase in childbirth incentives was made to encourage employees to have children and strengthen welfare amid a serious low birthrate issue.
A representative from Shinhan Bank noted, "I deeply agree that solving the low birthrate issue is a national task, and the role of the financial sector is important in creating a society where work and family are harmonized," adding, "We will continue to expand systems and cultures that can provide practical help to employees."