South Korea: Construction Group Booyoung Offers Workers USD 75,000 Bonus to Have a Baby Amid Declining Childbirths in Country

Amid South Korea's deepening concerns over plummeting birth rates, construction group Booyoung is reportedly offering workers a USD 75,000 bonus for each baby they have. The country saw a record-low number of births in January 2024, with only 21,442 babies born, down 7.7 per cent from the previous year, exacerbating worries about rapid ageing and ultra-low birth rates. The total fertility rate hit an all-time low of 0.72, far below the 2.1 births per woman needed to maintain population stability, indicating the severity of the demographic challenge facing South Korea. South Korea’s Birth Rate Falls to All-Time Low Despite Spending Billions to Reverse Trend.

Booyoung Group's USD 75,000 Baby Bonus

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