Booyoung Group, which proposed a solution to the low birth rate problem with a shocking birth incentive payment of 100 million won per child, has been selected as an exemplary corporation for birth and child-rearing support by the Low Birth Rate and Aging Society Committee.
The Low Birth Rate and Aging Society Committee introduced exemplary birth and child-rearing support system cases and representative corporations for other corporations to reference, in line with the Family Month in May, on 7th.
Booyoung Group introduced and implemented the support policy of '100 million won for birth incentives' as the first in the country in 2024. In the first year of implementation, it paid 7 billion won to employees who gave birth from 2021 to 2023, and this year it paid another 2.8 billion won, bringing the total support to 9.8 billion won.
Lee Jung-geun, chairman of Booyoung Group, noted that if South Korea's low birth rate problem continues, the country will face a crisis of existence due to a decrease in the economic working population in 20 years and an absolute shortage of defense personnel for national security and order maintenance, and he decided to provide birth incentives. The chairman expressed hope that 'the birth incentives from Booyoung Group would serve as a catalyst to spread like a butterfly effect throughout other corporations and society.'
Booyoung Group announced that the company's birth rate had increased just one year after providing birth incentives. While an average of 23 children were born annually from 2021 to 2023, this year 5 more were born, bringing the total to 28 beneficiaries. In a recent open recruitment drive, the number of new applicants was over four times greater than that of experienced candidates, alongside a highly competitive ratio of about 180 to 1. Booyoung Group explained that various family-friendly welfare systems, including '100 million won for birth incentives,' have had a positive impact on the younger generation.
In addition to birth incentives, Booyoung Group operates various welfare benefits tailored to different life stages, including ▲discounted dwellings ▲full support for children's education expenses ▲medical expense support for direct family members ▲child allowances.