A trend of increasing childbirth and congratulatory bonuses is sweeping the financial sector. The childbirth congratulatory bonuses, which used to be in the hundreds of thousands to millions won, have jumped to the tens of millions this year. As financial companies emphasize childbirth and childcare welfare, employee satisfaction has increased. Additionally, this has led to a positive effect on the public image of financial companies.
According to the financial sector on the 15th, Shinhan Bank has increased the childbirth congratulatory bonus for the first child to 10 million won starting this month. Considering that the previous bonus was 1.2 million won, this is more than eight times higher. Additionally, the second childbirth congratulatory bonus has risen from 2 million won to 20 million won, and the third bonus has increased from 3 million won to 30 million won, each by tenfold. Hana Bank has raised its childbirth congratulatory bonuses by five times since April. As a result, the bonuses for the first child increased from 1 million won to 5 million won, for the second child from 2 million won to 10 million won, and for the third child from 3 million won to 15 million won.
The increase in childbirth congratulatory bonuses is not just a story for major banks. The Saemaeul Geumgo Central Association has raised its childbirth congratulatory bonuses tenfold this year. The bonus for the first child has changed from 500,000 won to 5 million won, from 1 million won to 8 million won for the second child, and from 2 million won to 10 million won for the third child. After the National Agricultural Cooperative Federation significantly raised its childbirth congratulatory bonuses late last year, the Saemaeul Geumgo Central Association's union demanded an increase, which management accepted. It is reported that several employees in the Saemaeul Geumgo Central Association who had twins this year received 18 million won at once.
Although somewhat unprecedented increases in childbirth congratulatory bonuses are continuing, there is a mood that management does not feel a significant burden. Instead, it is said to have a two-fold effect, providing both justification and tangible benefits. Employee welfare, such as increasing childbirth congratulatory bonuses, is generally determined through labor-management discussions. From management's standpoint, accepting options that are easier to approve, like increasing congratulatory bonuses among various demands from the union, creates justification for rejecting options that involve significant expense. Although childbirth congratulatory bonuses are specified to be available to all employees, only a limited number actually receive them, so there is no critical expense burden. Moreover, as a financial institution valuing its social image, it can build a positive image as a leader in addressing low birth rates.
A financial sector official noted, "This is a welfare benefit that is particularly popular among employees who are about to get married or newlyweds, making unions keen to address it," adding, "There are many exchange couples (slang for couples connected through other bank employees) in the financial sector, and they essentially double their substantially large congratulatory bonuses." Another financial sector official stated, "From the company's perspective, it can create an image of being a company that works for 'low birth rate society while also considering employee welfare,' which is advantageous for attracting talent, including job seekers."