Korean construction group Booyoung is offering workers a $75,000 bonus for each baby they produce, one of many eye-catching incentives on offer as politicians and companies grapple with the country’s demographic crisis.
“If Korea’s birth rate remains low, the country will face extinction,” Booyoung chair Lee Joong-keun told employees last month.
South Korea’s total fertility rate — the average number of children a woman is expected to give birth to in her lifetime — fell from 0.78 in 2022 to 0.72 in 2023, according to government figures. It is projected to fall to 0.68 this year, far below the 2.1 the OECD says is necessary to ensure a broadly stable population.
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