Billionaire CEO Of Construction Company Offering Employees $75,000 Bonus To Have Kids

Declining birth rates in many countries will become a big problem in the future, or may already be one.

However, billionaire Lee Joong-Keun is determined to tackle this issue directly.

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The CEO of Booyoung Group, a construction firm, is likely to become much more popular due to his new policy.

Joong-Keun has implemented a strategy that offers employees a bonus of $75,942.00 if they decide to have a baby, as reported by CNN.

You might think that people who had a baby before the policy was introduced would regret it.

However, reports suggest that the founder and chairman of the group is also giving rewards to those who started a family before the new policy was enforced.

He mentioned that he implemented the policy to address the problem of decreasing birth rates in South Korea.

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In numerous countries globally, individuals are delaying having children or choosing not to have them altogether, often citing financial reasons.

“If the current state of low birth rates persists, we will face a national existential crisis such as workforce decline and a lack of defense manpower necessary for national security," he said.

"The low birth-rate results from financial burdens and difficulties in balancing work and family life, so we decided to take such a drastic measure."

"If land is provided by the government, for employees with three or more children, we'll let them choose between a childbirth incentive equivalent for three newborns or a public housing-like rental home with no tenant tax burden or maintenance responsibilities."

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The extremely low birth rate is significantly lower than that of other Asian nations such as North Korea and Japan, currently standing at 0.84 births per woman.

The policy will be accessible to all employees, both male and female, within his workforce of 2,500 individuals.

If that wasn't impressive enough, Joong-Keun is also taking steps to alleviate the financial strain on parents when they decide to have children.

He's accomplished this by covering some employees' children's college tuition and medical expenses.

But this generous individual doesn't stop there; he's also considering changes to the tax system in South Korea.

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He's suggesting that the government introduce a new tax deduction system for both corporate and income taxes so that employees can fully benefit from the incentives for parenting.

Booyoung Group isn't the sole company in South Korea offering incentives to employees who have children.

According to The Korea Herald, Ssangbangwool, an underwear company, has announced it will provide workers with $22,400 for their first child, an additional $22,400 for a second child, and $30,000 for their third.