Construction firm offers $75,000 bonus to employees who have children

The boss of a South Korean firm is offering employees up to $75,000 (£59,000) to have children and help lift the country’s birth rate.

Booyoung Group, a construction firm based in Seoul, plans to pay employees 100 million Korean won each time they have a baby.

It will also pay a total of 7 billion Korean won ($5.25 million) in cash to employees who have had 70 babies since 2021, the company added.

The benefit is available to men and women, a company spokesperson said.

Chairman Lee Joong-keun said the company is offering “direct financial support” to employees to help ease the burden of raising children.