Lee Joong-Keun, CEO of Booyoung Group, introduces innovative policy to address declining birth rates in South Korea

Lee Joong-Keun, the billionaire CEO of Booyoung Group construction firm, has announced a groundbreaking policy offering employees a $75,000 bonus if they choose to have a baby. This initiative aims to tackle the declining birth rate issue in South Korea, which is a growing concern for many countries worldwide.

The policy is a response to the financial burdens and difficulties in balancing work and family life that many people face, leading to delayed childbirth or deciding not to have children at all. Joong-Keun emphasized the importance of addressing the low birth rate, stating that it could lead to national crises such as a decline in the workforce and a lack of defense manpower.

In addition to the $75,000 bonus, Joong-Keun is providing other benefits to support employees with children. These include paying for some employees’ children’s college tuition and medical expenses. He is also advocating for changes in the tax system to ensure that employees receive full benefits from the parenting incentives.

Booyoung Group’s initiative is part of a broader trend in South Korea, where other companies are also offering incentives to employees for having children. Ssangbangwool, an underwear company, has announced similar incentives, indicating a growing awareness of the need to address declining birth rates.