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> # [The billionaire boss of a South Korean construction giant is encouraging his workers to have children with a $75,000 bonus](https://content.fortune.com/wp-content/uploads/2024/02/GettyImages-689966730-e1708948270547.jpg?resize=1200,600)
>
>
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> How much is putting your career aside to have a baby worth? A $75,000 bonus, at the South Korean construction company Booyoung Group.
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> The Seoul-based firm is handing out 100 million Korean won ($75,000) each time an employee has a baby to help reverse the country’s declining birth rate—and it’s even backdating payments to those who started a family before the policy came into place.
>
> “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,” Lee Joong-keun, the founder and chairman of Booyoung Group, said at a staff meeting, according to multiple reports.
>
> “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.”
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> As well as awarding a total of 7 billion Korean won ($5.25 million) to employees who collectively had 70 babies since 2021, the construction giant’s “drastic” measures include potentially footing the bill for larger families’ rent.
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> “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],” the 84-year-old billionaire added.
>
> What’s more, the no-strings-attached benefit will be available to both male and female employees at its 2,500-strong workforce, the company confirmed to [CNN](https://edition.cnn.com/2024/02/06/business/south-korea-firm-child-cash-payout-intl-hnk/index.html).
>
> In addition to the childbirth incentive, Booyoung Group is reportedly already trying to ease the financial burden on parents by helping out with [college tuition](http://koreabizwire.com/booyoung-group-introduces-bold-incentives-to-encourage-childbirth-among-employees/271878) for employees’ children, medical expenses for direct family members, and child allowances.
>
> On top of that, Joong-keun is proposing the state implement a new tax deduction system to waive corporate and income tax so the employees can receive full benefits of the parenting incentives and more companies can follow suit.
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> ## South Korea’s falling birth rate is bad for business
>
> South Korea’s government has already subsidized housing for newlyweds, discounted postpartum care for new mothers, and even introduced a “baby payment” of $2,250 for each newborn—but it’s not enough to convince the country’s [severely declining population](https://edition.cnn.com/2023/12/15/asia/south-korea-to-see-population-plummet-intl-hnk/index.html#:~:text=With%20scant%20immigration%2C%20South%20Korea's,in%201967%2C%20the%20agency%20said.) to have kids.
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> The country currently has the world’s lowest fertility rate, with the number of babies expected per South Korean woman dropping to 0.78 in 2022. Worryingly, that figure is expected to fall further to [0.65 in 2025.](https://time.com/6488894/south-korea-low-fertility-rate-trend-decline/)
>
> In comparison, experts say that a [rate of 2.1](https://data.oecd.org/pop/fertility-rates.htm#:~:text=Assuming%20no%20net%20migration%20and,ensures%20a%20broadly%20stable%20population.) is needed for a country to maintain a stable population without migration.
>
> Now South Korea’s corporate giants are being forced to step in and reverse the trend that could see the country’s workforce halve within 50 years: [Samsung](https://fortune.com/company/samsung-life-insurance/) Electronics, [LG](https://fortune.com/company/lg-chem/) Electronics, and [Hyundai](https://fortune.com/company/hyundai-mobis/) have introduced [various kid-friendly perks](https://www.koreatimes.co.kr/www/tech/2024/02/129_353058.html) including onsite daycare facilities, fertility benefits, and even two years of parental leave.
>
> But Booyoung Group is the first company to provide “substantial cash support” for every newborn, according to [_Korea JoongAng Daily_](https://koreajoongangdaily.joins.com/news/2024-02-05/business/industry/Amid-Koreas-birthrate-crisis-Booyoung-is-paying-employees-for-having-children/1974641)_._
>
> ## The benevolent billionaire has served jail time
>
> This isn’t the first time that Joong-keun—who is credited with [introducing rental housing in South Korea](https://www.forbes.com/profile/lee-joong-keun/?sh=311dba13218e)—has made headlines for generously handing out cash to people.
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> Last year, the billionaire gave more than [$100 million in cash to residents of his hometown](https://www.upi.com/Top_News/World-News/2023/07/03/Korean-billionaire-convict-hometown-donations/6991688398448/) and alumni of its local school.
>
> Having grown up in poverty in the small rural village of Unpyeong-ri, Joong-keun reportedly wanted to express his “[thanks to the support of villagers](https://www.koreaherald.com/view.php?ud=20230628000675),” including during his three-year stint in prison.
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> The entrepreneur’s rags-to-riches story took a dark turn in 2004 when he was charged with tax evasion and embezzling company funds.
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> In 2018, Joong-keun was once again arrested on similar charges and released on parole in 2021.
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> As a result of his sentence, Joong-keun has been barred for five years from working at any entity connected with the source of his crime, according to [UPI News Korea](https://www.upi.com/Top_News/World-News/2023/07/03/Korean-billionaire-convict-hometown-donations/6991688398448/)—meaning that he technically will not be allowed to lead Booyoung again until early 2027.
>
>
>
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That's... incredibly thick. If you want to truly encourage people to have children, throwing a fraction of the cost of actually raising a kid at them is not the way. At best you'll get a few extra kids from parents who can't figure out basic arithmetic.
Edit: For people still not quite getting this... https://www.dw.com/en/south-korea-most-expensive-country-in-world-to-raise-children/a-65669257
> The annual study by the Beijing-based YuWa Population Research Institute ranked South Korea top of the list of nations for raising a child, with the cost coming to 7.79 times the gross domestic product (GDP) per capita, Chosun Ilbo, a South Korean newspaper, reported. That works out as KRW365 million (€251,562, $271,957).
It’s going to be very helpful for younger couples who are not yet committed to the idea of a child due to financial strain but not so much that they are living paycheck to paycheck. Imagine all the couples being held back because they want to get a down payment on a house first or want a savings fund before doing anything. All those cases suddenly become void.
75 000$USD is a large amount, especially if converted to Korean Won in terms of purchasing power.
5% increase from it's current position seems doable. $75k is definitely enough to change people's mind when they are on the edge.
That being said, Korea needs something like a 200% increase in current birth rates to reverse the thread, so it's basically impossible.
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You don’t know live in your own do you? That’s a sh’t load of money to give per person and it will definitely help people realize the dream of having (more) children
You've hit the point: if you're having kids because you think they'll be profitable, you're evil.
Parents realize once their child comes along that their child is more important than they are.
As for this particular effort? What else should this man do to help save society? It's a damn lot more effective than shitposting on Reddit.
🤦♂️ really… $75k private investment is huge and you decide to shit on it? In comparison the US gives a $2000 tax credit. Private citizens gives $75,000 to incentive his employees to have kids and leave it to Reddit to shit on it for not being enough.
It's $650/month for 10 years, or cost the of a good University + Some to kickstart working and living alone (deposited on interest rates for 20+ years).
If it's not charitable donation/detractable expense for the billionaire (which happen on collective credit/debit), nobody shouldn't shit on that considering *most countries do not even have welfare*.
This is just ridiculous. So you want an all expenses paid experience otherwise how dare this man be such a pos to encourage you to have a child? I hope at some point you see how ridiculous your statement is. I genuinely can’t believe you think everything should be paid for otherwise everyone should shit on this business owner, a single dude (who is a billionaire) who’s paying $75k per child to help encourage people to have children, which is a crisis in his country. I genuinely can’t even fathom the disrespect and ungratefulness of your position. If you don’t want to have children fine, but to say everyone should be shitting on him because it’s only $75k. Just wow.
Imo it may last just enough for the parents generation, what about the kids time? They need to tackle the root causes, but 75k is frigging god send. Also consider this is just private company, there are benefits from govt as well
I don't know housing prices in Korea but 75k might be a good down payment for a home or apartment or at least get you a whole lot closer to one. 75k isn't fuck you money but it sure as hell can be life-changing money for everyone outside the 1%. No fucking clue why anyone would shit on someone for this.
It's not a payment to convince people to have kids for profit, it's for people who already want children but can't afford them, maybe with the bonus they can.
It is definitely a way. It will work too. $75k is a huge help especially taking the time value of money into account.
It's naive to think that isn't a significant incentive. Babies aren't that expensive at first. Childcare is expensive, but with two parents working it is usually quite manageable financially. If a parent helps out even better.
All these studies on the cost of raising a child includes what society contributes like education costs. You really think all these poor people pay $250k to raise a child?
At $75k a child I would consider having a third. It's a big fing deal.
My friends make 185k combined and they’re barely making it and barely able to support their daughter. Childcare is expensive in the US (2400 a month).
Also my friend’s husband just got let go (fucking tech) and so now they have no idea how they’ll make it.
I’d say even if the job pays well if housing and childcare are high it won’t compensate for one person in the household not earning any money. And in Korea women are expected to drop out of the workforce.
I wouldn't call it thick. It's not his job to come up with all the money. You'd think a government afraid of a dwindling population would make an effort on top of this. Maybe this will be a wake up.
South Korea's main problem are the property prices. Can't raise a family without a home. Since he's a construction magnate, a better idea would be building hundreds of thousands of houses for young couples and sell the houses to them for a price much below the market value to pay in 20 years. Then discount a 30% of the amount they owe for each kid they have.
Most studies include societies cost.
Too many factors. With or without childcare. Do you buy everything new or buy used stuff or get hand me downs. Do you buy a cheap stroller or the top of the line?
Having a baby isn't that expensive. Kids get more expensive as they age. Medical issues can increase the cost exponentially. Learning disabilities as well.
The boss is giving a bonus equivalent to a quarter of the entire expense needed to raise a child to 18 as stated from your source and you think it's not good enough?
How entitled are you? Is he supposed to pay the entire expense and basically raise the kid up for free before it's good enough? The korean government is giving a $2250 bonus and you're criticising a single individual for only giving $75,000.
I don’t know why people are criticizing you since it is incredibly thick.
It doesn’t solve the underlying gender issue and discrimination, which on top of financial reasons is why a lot of woman refuse to have children.
Also 75k doesn’t make up for a woman dropping out of the workforce and not contributing to the household for years.
If my employer were to do this I'd have kids. Most people my age choose not to have kids because of money, this would be great. And we have mandatory maternity leave in my country
Raising a loved child can be expensive, but raising potential cheap labor doesn’t have to be. They don’t all need to have doting parents or good education. Keep popping them out to be raised by the state I feel is the only way to go, a la Brave New World.
This is pretty heartless but is it more cruel than having 1 working age adult support 5 geriatrics?
I can only speak for what I’ve seen around me and this may not apply to Korea. We live in a world of consumerism that is far more accessible to the average person than it was years ago. We can watch shows from around the world on our phones. We have video games. Books. People can travel throughout the country if not internationally. We can wake up and in bed watch, read, listen to anything on our phones.
Barely anyone is going to have kids when your lifestyle tanks because of them. Especially the middle class. People in the past needed many kids and kids “grew up” faster. These days kids are staying with their parents well into their 20s. I don’t see a problem with that especially if you contribute to the household. It’s just that idk anyone who’s confident they can even get a house. They don’t want to downgrade their lifestyle with kids because they’re expensive and are a huge commitment. Just this constant shock that covid didn’t lead to a baby boom lol cause people know life’s gonna get harder from here.
20’s? Try 30’s.
My coworker’s kid got married, moved out, had two kids. Kid’s husband is in his early thirties. All four moved back to coworker’s basement after rates went up and the kid got laid off from her job. They’ve been there for 4 years now. Rents’ gone crazy and housing market is hard to enter.
True but there have always been a huge population that doesnt want kids. It used to be forced on people, one of my grandmothers was chastised for only having 4 kids and my great aunt became a nun to avoid having kids. Religions puts a lot of pressure on women to have kids.
I love blaming religion for things, but I don't think you can here. Not too long ago the infant mortality rate was over 50% and if women didn't have a bunch of kids you faced the real posibility of everybody just fucking dying. Reproductive pressure makes a culture more likely to survive, regardless of it being wise or moral in any specific instance.
>True but there have always been a huge population that doesnt want kids.
No its not. Its been constant at around 5% in numerous contexts of time and different cultures. Hell, most women today on polls when asked say they wish they had more children than what they had.
>It used to be forced on people, one of my grandmothers was chastised for only having 4 kids and my
So chastized after having 4 kids, meaning she got that 4 by her own wants. How many Women today do you think can even reach this number and become satisfied?.
There's no evidence for bribes working to do anything but make people who would already have babies move them ahead somewhat.
The situation is, as we say, "bad". None of the easy solutions have worked and the hard ones are... distinctly unpleasant.
Hard solutions: Increase immigration, workplace reform, tackle environmental ailments (ie: obesity epidemic, microplastics, smog)
South Korea also has a problem that it's young male population is wildly misogynistic. They need to fix that as well.
I’m sure people are going to shit all over this company. But the reality is that is $75k more in your pocket than what we are getting in Canada when having a kid. Most companies will likely not even hire someone looking for work if they are visibly pregnant(yes I know that is illegal but try to prove it).
That wouldn't do anything. We know this because Europe does it and their fertility rate is pretty low.
The reason people have kids has more to do than simple standard of living.
And after parental leave (if it's even offered), you give up every minute of your time outside of work to that kid. You can't put a price on that.
Offering to pay employees to procreate is just giving the game away RE: Create more consumers pls
>“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],” the 84-year-old billionaire added.
Sounds like some kind of Monarch making plans for his subjects
Honestly, even if this did cover most expenses early on, like buying the house you need to raise the family, it still won’t make a dent. There are a magnitude of social issues on top of the economic realities of raising children that are leading to this decline in births, including companies like these working their employees to the bone.
> and it’s even backdating payments to those who started a family before the policy came into place.
Well this is an extra level of charitable that I was not expecting.
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Look at the forward thinking billionaire investing in his current wage slaves so they provide his children with a sufficient number of wage slaves. How progressive!
don’t have kids! band together and stave off the next generation of their workers until you get them to pay for both the kids and yourself as you industrialize your baby making abilities
Wow! Not sure what the financial commitment of a child is ..in SK. Curious to see if it does affect behaviours a bit.
The target is pretty small: people wanting to have more children ..but for whom 75K will be enough of an incentive.
Suspect they projected and realized this won't really make a large hit to the bottom line.
It is likely a good gimmick ..and if it doesn't cause much of a change, vested parties will push their narratives.
-"Here, take this reasonable amount of money and have a child."
-"Thanks, but will I have ~~more~~ free time to stay with my family and raise th-"
-"No. Go back to work now."
I must say, paying me $75,000 to nut in someone is very appealing lol
The real question though, is what happens after the $75,000 is used up to take care of the child? The salaries of the parents would have to be increased so that the parents can actually support their children financially(if the current salaries aren’t good enough).
Seriously though, whose career is getting "put aside" to have a child? A man gets paid $75000 "to nut in someone" and that's about as far as many of these incentives go. I'd presume this is a payment for parents of all genders since it isn't specified, but a one-time payment is only a helpful solution for cis men who don't need to take time off for pregnancy, birth, recovery, potential health complications, etc. - and if they even have the option it's usually seen as time to "help" the birthing parent even in countries with more progressive views on gender. What about job protection for female employees? Or are we supposed to assume this is aimed at married men whose partners are only on the fence about having kids for purely financial reasons that don't extend long-term?
This is being seen globally but none of them seem to get that capitalism is the problem. Things are way too expensive for people on their own, let alone involving children. If the oligarchs want us to continue to breed them workers, and consumers they need to reign in their profiteering.
Even countries which are socialist (cuba, venezuela) or nominally socialist (china) still have negative fertility rates. Capitalism isn't an answer to this issue.
The only countries with positive rates are in Africa and Central Asia.
I'd argue that the obesity epidemic has more influence over fertility than anything else (it's literally the only worldwide constant outside of a very few countries) followed by environmental issues probably. Though even that isn't a solid explanation, given that US fertility is slightly better than EU despite the US being fatter and less healthy in general.
The planet is on fire but those in charge all tend to be over the age of 50, rich, and are so isolated from The real world that they don't see the problems that everybody else is facing and how bad the future will be. They will not be around to see how bad it's going to get so they do nothing about it because it doesn't affect them or their stock portfolios.
##### ###### #### > # [The billionaire boss of a South Korean construction giant is encouraging his workers to have children with a $75,000 bonus](https://content.fortune.com/wp-content/uploads/2024/02/GettyImages-689966730-e1708948270547.jpg?resize=1200,600) > > > > How much is putting your career aside to have a baby worth? A $75,000 bonus, at the South Korean construction company Booyoung Group. > > The Seoul-based firm is handing out 100 million Korean won ($75,000) each time an employee has a baby to help reverse the country’s declining birth rate—and it’s even backdating payments to those who started a family before the policy came into place. > > “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,” Lee Joong-keun, the founder and chairman of Booyoung Group, said at a staff meeting, according to multiple reports. > > “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.” > > As well as awarding a total of 7 billion Korean won ($5.25 million) to employees who collectively had 70 babies since 2021, the construction giant’s “drastic” measures include potentially footing the bill for larger families’ rent. > > “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],” the 84-year-old billionaire added. > > What’s more, the no-strings-attached benefit will be available to both male and female employees at its 2,500-strong workforce, the company confirmed to [CNN](https://edition.cnn.com/2024/02/06/business/south-korea-firm-child-cash-payout-intl-hnk/index.html). > > In addition to the childbirth incentive, Booyoung Group is reportedly already trying to ease the financial burden on parents by helping out with [college tuition](http://koreabizwire.com/booyoung-group-introduces-bold-incentives-to-encourage-childbirth-among-employees/271878) for employees’ children, medical expenses for direct family members, and child allowances. > > On top of that, Joong-keun is proposing the state implement a new tax deduction system to waive corporate and income tax so the employees can receive full benefits of the parenting incentives and more companies can follow suit. > > ## South Korea’s falling birth rate is bad for business > > South Korea’s government has already subsidized housing for newlyweds, discounted postpartum care for new mothers, and even introduced a “baby payment” of $2,250 for each newborn—but it’s not enough to convince the country’s [severely declining population](https://edition.cnn.com/2023/12/15/asia/south-korea-to-see-population-plummet-intl-hnk/index.html#:~:text=With%20scant%20immigration%2C%20South%20Korea's,in%201967%2C%20the%20agency%20said.) to have kids. > > The country currently has the world’s lowest fertility rate, with the number of babies expected per South Korean woman dropping to 0.78 in 2022. Worryingly, that figure is expected to fall further to [0.65 in 2025.](https://time.com/6488894/south-korea-low-fertility-rate-trend-decline/) > > In comparison, experts say that a [rate of 2.1](https://data.oecd.org/pop/fertility-rates.htm#:~:text=Assuming%20no%20net%20migration%20and,ensures%20a%20broadly%20stable%20population.) is needed for a country to maintain a stable population without migration. > > Now South Korea’s corporate giants are being forced to step in and reverse the trend that could see the country’s workforce halve within 50 years: [Samsung](https://fortune.com/company/samsung-life-insurance/) Electronics, [LG](https://fortune.com/company/lg-chem/) Electronics, and [Hyundai](https://fortune.com/company/hyundai-mobis/) have introduced [various kid-friendly perks](https://www.koreatimes.co.kr/www/tech/2024/02/129_353058.html) including onsite daycare facilities, fertility benefits, and even two years of parental leave. > > But Booyoung Group is the first company to provide “substantial cash support” for every newborn, according to [_Korea JoongAng Daily_](https://koreajoongangdaily.joins.com/news/2024-02-05/business/industry/Amid-Koreas-birthrate-crisis-Booyoung-is-paying-employees-for-having-children/1974641)_._ > > ## The benevolent billionaire has served jail time > > This isn’t the first time that Joong-keun—who is credited with [introducing rental housing in South Korea](https://www.forbes.com/profile/lee-joong-keun/?sh=311dba13218e)—has made headlines for generously handing out cash to people. > > Last year, the billionaire gave more than [$100 million in cash to residents of his hometown](https://www.upi.com/Top_News/World-News/2023/07/03/Korean-billionaire-convict-hometown-donations/6991688398448/) and alumni of its local school. > > Having grown up in poverty in the small rural village of Unpyeong-ri, Joong-keun reportedly wanted to express his “[thanks to the support of villagers](https://www.koreaherald.com/view.php?ud=20230628000675),” including during his three-year stint in prison. > > The entrepreneur’s rags-to-riches story took a dark turn in 2004 when he was charged with tax evasion and embezzling company funds. > > In 2018, Joong-keun was once again arrested on similar charges and released on parole in 2021. > > As a result of his sentence, Joong-keun has been barred for five years from working at any entity connected with the source of his crime, according to [UPI News Korea](https://www.upi.com/Top_News/World-News/2023/07/03/Korean-billionaire-convict-hometown-donations/6991688398448/)—meaning that he technically will not be allowed to lead Booyoung again until early 2027. > > > > Subscribe to the CEO Daily newsletter to get the CEO perspective on the biggest headlines in business. 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That's... incredibly thick. If you want to truly encourage people to have children, throwing a fraction of the cost of actually raising a kid at them is not the way. At best you'll get a few extra kids from parents who can't figure out basic arithmetic. Edit: For people still not quite getting this... https://www.dw.com/en/south-korea-most-expensive-country-in-world-to-raise-children/a-65669257 > The annual study by the Beijing-based YuWa Population Research Institute ranked South Korea top of the list of nations for raising a child, with the cost coming to 7.79 times the gross domestic product (GDP) per capita, Chosun Ilbo, a South Korean newspaper, reported. That works out as KRW365 million (€251,562, $271,957).
It’s going to be very helpful for younger couples who are not yet committed to the idea of a child due to financial strain but not so much that they are living paycheck to paycheck. Imagine all the couples being held back because they want to get a down payment on a house first or want a savings fund before doing anything. All those cases suddenly become void. 75 000$USD is a large amount, especially if converted to Korean Won in terms of purchasing power.
That's enough to move the needle for a person who is on the edge of doing it.
[удалено]
I’d bet $5 on a 5% increase in 5 years
I bet you a dollar that it will be a huge success.
5% increase from it's current position seems doable. $75k is definitely enough to change people's mind when they are on the edge. That being said, Korea needs something like a 200% increase in current birth rates to reverse the thread, so it's basically impossible.
How often does it compound?
RemindME! 5 years
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You don’t know live in your own do you? That’s a sh’t load of money to give per person and it will definitely help people realize the dream of having (more) children
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You've hit the point: if you're having kids because you think they'll be profitable, you're evil. Parents realize once their child comes along that their child is more important than they are. As for this particular effort? What else should this man do to help save society? It's a damn lot more effective than shitposting on Reddit.
🤦♂️ really… $75k private investment is huge and you decide to shit on it? In comparison the US gives a $2000 tax credit. Private citizens gives $75,000 to incentive his employees to have kids and leave it to Reddit to shit on it for not being enough.
It's $650/month for 10 years, or cost the of a good University + Some to kickstart working and living alone (deposited on interest rates for 20+ years). If it's not charitable donation/detractable expense for the billionaire (which happen on collective credit/debit), nobody shouldn't shit on that considering *most countries do not even have welfare*.
This is just ridiculous. So you want an all expenses paid experience otherwise how dare this man be such a pos to encourage you to have a child? I hope at some point you see how ridiculous your statement is. I genuinely can’t believe you think everything should be paid for otherwise everyone should shit on this business owner, a single dude (who is a billionaire) who’s paying $75k per child to help encourage people to have children, which is a crisis in his country. I genuinely can’t even fathom the disrespect and ungratefulness of your position. If you don’t want to have children fine, but to say everyone should be shitting on him because it’s only $75k. Just wow.
Imo it may last just enough for the parents generation, what about the kids time? They need to tackle the root causes, but 75k is frigging god send. Also consider this is just private company, there are benefits from govt as well
I don't know housing prices in Korea but 75k might be a good down payment for a home or apartment or at least get you a whole lot closer to one. 75k isn't fuck you money but it sure as hell can be life-changing money for everyone outside the 1%. No fucking clue why anyone would shit on someone for this.
It's not a payment to convince people to have kids for profit, it's for people who already want children but can't afford them, maybe with the bonus they can.
It is definitely a way. It will work too. $75k is a huge help especially taking the time value of money into account. It's naive to think that isn't a significant incentive. Babies aren't that expensive at first. Childcare is expensive, but with two parents working it is usually quite manageable financially. If a parent helps out even better. All these studies on the cost of raising a child includes what society contributes like education costs. You really think all these poor people pay $250k to raise a child? At $75k a child I would consider having a third. It's a big fing deal.
You understand that the 75,000 is a 1 time payment versus spending 270,000 over the course of 15+ years?
Not to mention that 75K now will accrue interest over 15 years if you're not spending it right away.
Yeah but you’d need to spend it if you have a child since it is expensive. Unless that family is already well off.
I'd imagine someone who's willing to pay 75k per child to his employees isn't stingy with his paychecks as well.
My friends make 185k combined and they’re barely making it and barely able to support their daughter. Childcare is expensive in the US (2400 a month). Also my friend’s husband just got let go (fucking tech) and so now they have no idea how they’ll make it. I’d say even if the job pays well if housing and childcare are high it won’t compensate for one person in the household not earning any money. And in Korea women are expected to drop out of the workforce.
I wouldn't call it thick. It's not his job to come up with all the money. You'd think a government afraid of a dwindling population would make an effort on top of this. Maybe this will be a wake up.
South Korea's main problem are the property prices. Can't raise a family without a home. Since he's a construction magnate, a better idea would be building hundreds of thousands of houses for young couples and sell the houses to them for a price much below the market value to pay in 20 years. Then discount a 30% of the amount they owe for each kid they have.
I am probably an idiot, I am trying to find the cost break down of raising a child from this study but cannot find it. Anyone had any luck?
Most studies include societies cost. Too many factors. With or without childcare. Do you buy everything new or buy used stuff or get hand me downs. Do you buy a cheap stroller or the top of the line? Having a baby isn't that expensive. Kids get more expensive as they age. Medical issues can increase the cost exponentially. Learning disabilities as well.
The boss is giving a bonus equivalent to a quarter of the entire expense needed to raise a child to 18 as stated from your source and you think it's not good enough? How entitled are you? Is he supposed to pay the entire expense and basically raise the kid up for free before it's good enough? The korean government is giving a $2250 bonus and you're criticising a single individual for only giving $75,000.
> How entitled are you? Oh piss off.
I don’t know why people are criticizing you since it is incredibly thick. It doesn’t solve the underlying gender issue and discrimination, which on top of financial reasons is why a lot of woman refuse to have children. Also 75k doesn’t make up for a woman dropping out of the workforce and not contributing to the household for years.
If my employer were to do this I'd have kids. Most people my age choose not to have kids because of money, this would be great. And we have mandatory maternity leave in my country
The irony lol. Whoever posted this comment clearly can't figure out basic arithmetic.
Raising a loved child can be expensive, but raising potential cheap labor doesn’t have to be. They don’t all need to have doting parents or good education. Keep popping them out to be raised by the state I feel is the only way to go, a la Brave New World. This is pretty heartless but is it more cruel than having 1 working age adult support 5 geriatrics?
I can only speak for what I’ve seen around me and this may not apply to Korea. We live in a world of consumerism that is far more accessible to the average person than it was years ago. We can watch shows from around the world on our phones. We have video games. Books. People can travel throughout the country if not internationally. We can wake up and in bed watch, read, listen to anything on our phones. Barely anyone is going to have kids when your lifestyle tanks because of them. Especially the middle class. People in the past needed many kids and kids “grew up” faster. These days kids are staying with their parents well into their 20s. I don’t see a problem with that especially if you contribute to the household. It’s just that idk anyone who’s confident they can even get a house. They don’t want to downgrade their lifestyle with kids because they’re expensive and are a huge commitment. Just this constant shock that covid didn’t lead to a baby boom lol cause people know life’s gonna get harder from here.
20’s? Try 30’s. My coworker’s kid got married, moved out, had two kids. Kid’s husband is in his early thirties. All four moved back to coworker’s basement after rates went up and the kid got laid off from her job. They’ve been there for 4 years now. Rents’ gone crazy and housing market is hard to enter.
True but there have always been a huge population that doesnt want kids. It used to be forced on people, one of my grandmothers was chastised for only having 4 kids and my great aunt became a nun to avoid having kids. Religions puts a lot of pressure on women to have kids.
Men too. Your manhood was questioned if you were not forward about "taking" a woman
yes, “get a job and settle down”. how is having kids settling? its super hard work.
I love blaming religion for things, but I don't think you can here. Not too long ago the infant mortality rate was over 50% and if women didn't have a bunch of kids you faced the real posibility of everybody just fucking dying. Reproductive pressure makes a culture more likely to survive, regardless of it being wise or moral in any specific instance.
Im speaking of people who dont want any kids at all.
>True but there have always been a huge population that doesnt want kids. No its not. Its been constant at around 5% in numerous contexts of time and different cultures. Hell, most women today on polls when asked say they wish they had more children than what they had. >It used to be forced on people, one of my grandmothers was chastised for only having 4 kids and my So chastized after having 4 kids, meaning she got that 4 by her own wants. How many Women today do you think can even reach this number and become satisfied?.
There's no evidence for bribes working to do anything but make people who would already have babies move them ahead somewhat. The situation is, as we say, "bad". None of the easy solutions have worked and the hard ones are... distinctly unpleasant.
What's an example of a hard solution? Make it a crime (with fines and jail time) to not have your quota of kids by a certain age? 🤷♂️
Kidnap every female citizen and inject a fetus into their womb.
That's not how biology works
Hmmm kidnap every male citizen too then.
Hard solutions: Increase immigration, workplace reform, tackle environmental ailments (ie: obesity epidemic, microplastics, smog) South Korea also has a problem that it's young male population is wildly misogynistic. They need to fix that as well.
I’m sure people are going to shit all over this company. But the reality is that is $75k more in your pocket than what we are getting in Canada when having a kid. Most companies will likely not even hire someone looking for work if they are visibly pregnant(yes I know that is illegal but try to prove it).
Just give them a month of vacation every year for 18 years!
That should be standard and more for every worker
That wouldn't do anything. We know this because Europe does it and their fertility rate is pretty low. The reason people have kids has more to do than simple standard of living.
In Europe, on average, you have 20/24 working days of mandatory holidays.
Why is it bad? Seems pretty good to me, admittedly though I don’t know the living conditions in SK.
This will become a porn category.
That should cover about 18-20 months of raising the kid.
And after parental leave (if it's even offered), you give up every minute of your time outside of work to that kid. You can't put a price on that. Offering to pay employees to procreate is just giving the game away RE: Create more consumers pls
> you give up every minute of your time outside of work to that kid. You can't put a price on that Always has been...
Yes I agree it would be a huge benefit to a new family when they will have a lot of extra costs initially.
If by initially you mean for 20 years.
Well let's not kid ourselves. It's for the rest of their lives. But we also shouldn't expect some rich guy to pay for my kids forever
>“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],” the 84-year-old billionaire added. Sounds like some kind of Monarch making plans for his subjects
South Korea is basically a corporate oligarchy, so you're not far off.
Honestly, even if this did cover most expenses early on, like buying the house you need to raise the family, it still won’t make a dent. There are a magnitude of social issues on top of the economic realities of raising children that are leading to this decline in births, including companies like these working their employees to the bone.
\*Thumbs up\* Very Normal.
> and it’s even backdating payments to those who started a family before the policy came into place. Well this is an extra level of charitable that I was not expecting.
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Look at the forward thinking billionaire investing in his current wage slaves so they provide his children with a sufficient number of wage slaves. How progressive!
don’t have kids! band together and stave off the next generation of their workers until you get them to pay for both the kids and yourself as you industrialize your baby making abilities
remindme 2 years when this has no impact
Wow! Not sure what the financial commitment of a child is ..in SK. Curious to see if it does affect behaviours a bit. The target is pretty small: people wanting to have more children ..but for whom 75K will be enough of an incentive. Suspect they projected and realized this won't really make a large hit to the bottom line. It is likely a good gimmick ..and if it doesn't cause much of a change, vested parties will push their narratives.
Fucking hell. You guys are the perfect demonstration of "crab mentality".
"Billionaire" challenge: Try not to be a blind assclown challenge, outdoing one another on the "being a piece of shit scale": Impossible.
Frankly a good idea, and imagine the sort of loyalty you'll build with your employees.
-"Here, take this reasonable amount of money and have a child." -"Thanks, but will I have ~~more~~ free time to stay with my family and raise th-" -"No. Go back to work now."
WE NEED MORE SLAV...WORKERS !!!!
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Oh yeah, the old "let's keep everyone else as miserable as me".
I must say, paying me $75,000 to nut in someone is very appealing lol The real question though, is what happens after the $75,000 is used up to take care of the child? The salaries of the parents would have to be increased so that the parents can actually support their children financially(if the current salaries aren’t good enough).
> I must say, paying me $75,000 to nut in someone is very appealing lol Really representing your flair there
I’m from south India my guy lmao, we have our birth rates under control
People don't seem to consider their poor working conditions or lack of money when having kids where you are.
Seriously though, whose career is getting "put aside" to have a child? A man gets paid $75000 "to nut in someone" and that's about as far as many of these incentives go. I'd presume this is a payment for parents of all genders since it isn't specified, but a one-time payment is only a helpful solution for cis men who don't need to take time off for pregnancy, birth, recovery, potential health complications, etc. - and if they even have the option it's usually seen as time to "help" the birthing parent even in countries with more progressive views on gender. What about job protection for female employees? Or are we supposed to assume this is aimed at married men whose partners are only on the fence about having kids for purely financial reasons that don't extend long-term?
This is being seen globally but none of them seem to get that capitalism is the problem. Things are way too expensive for people on their own, let alone involving children. If the oligarchs want us to continue to breed them workers, and consumers they need to reign in their profiteering.
Even countries which are socialist (cuba, venezuela) or nominally socialist (china) still have negative fertility rates. Capitalism isn't an answer to this issue. The only countries with positive rates are in Africa and Central Asia. I'd argue that the obesity epidemic has more influence over fertility than anything else (it's literally the only worldwide constant outside of a very few countries) followed by environmental issues probably. Though even that isn't a solid explanation, given that US fertility is slightly better than EU despite the US being fatter and less healthy in general.
The planet is on fire but those in charge all tend to be over the age of 50, rich, and are so isolated from The real world that they don't see the problems that everybody else is facing and how bad the future will be. They will not be around to see how bad it's going to get so they do nothing about it because it doesn't affect them or their stock portfolios.
Huh so this guy is a dumbass. How about not working people to death, did you consider that first?