The South Korean corporation provides ₹1.86 crore for triplets and ₹62.28 lakh for having a kid to its staff. This is the reason

The South Korean corporation provides ₹1.86 crore for triplets and ₹62.28 lakh for having a kid to its staff. This is the reason

To address the low birth rate in the nation, South Korean manufacturing giant Booyoung Group is willing to pay its workers $75,000 (about ₹62.28 lakh) for each kid born.

In 2022, South Korea had the lowest average fertility rate globally, at 0.78, according to Statistics Korea, the organization in charge of maintaining national data.

In an effort to address the low birth rate in the nation, a South Korean construction business is providing its workers $75,000 (about ₹62.28 lakh) for each kid born, according to CNN.

Reportedly, Booyoung Group also said that it will provide a monetary compensation of ₹43,58,27,437, or $5.25 million, to workers who gave birth to 70 kids starting in 2021. According to the corporation, perks will be available to both male and female workers.

Chairman of Booyoung Group Lee Jong-kyun said to his staff, "I hope we will be recognized as the business that contributes to encouraging births and having worries about the country's future." the cost associated with raising children.

The article claims that Jong-kyun also said that if the government provided land for the building, the three newborn workers would have the choice of receiving $225,000 (₹1,86,78,318) in cash or rental accommodation.

The effort by Booyoung Group is being launched at a time when the nation's fertility rate is shockingly low. The organization in charge of overseeing national statistics in South Korea, Statistics Korea, claims that the nation's average fertility rate in 2022 was 0.78, the lowest globally. There were 249,000 babies born this year as opposed to 260,600 the year before.

Since 2015, the birth rate in South Korea has decreased. By 2025 and 2026, the nation's average fertility rate is predicted to drop to 0.65 and 0.59, respectively. Even while experts anticipate a modest increase to 1.08 by 2072, the birth rate is still very low. Population stability needs a birth limit of 2.1 per woman in the absence of immigration. The whole population of South Korea is predicted to decline from 51.75 million in 2024 to 36.22 million, a number not seen since 1977.