Booyoung, a Korean construction group, has offered workers a $75,000 bonus for each baby they produce, as part of efforts to address the country’s demographic crisis.
The total fertility rate in South Korea fell from 0.78 in 2022 to 0.72 in 2023, well below the 2.1 rate needed for a stable population, prompting political leaders to increase promises of financial incentives for prospective parents.
The country is facing severe fiscal challenges as its working-age population shrinks and its elderly population grows, leading to concerns about future economic stability and social welfare. Experts cite intense competitive pressures in education, the labor market, and housing, as well as entrenched social attitudes, as key factors contributing to the low birth rate and reluctance to have children.
