Booyoung Group, a Seoul-based construction firm, announced at a press conference that they plan to pay their employees 100 million Korean won, or 75 thousand dollars, "every time they have a baby".
The company also added that it will pay a total of 7 billion Korean won, or 5.25 million dollars in cash, to employees who have a total of 70 babies since 2021.
If the government provides land for construction, employees with three babies will be given the option to choose between 300 million Korean won, or $225,000 in cash, or rental housing.
South Korea currently has one of the lowest birth rates in the world, according to official data. According to experts' estimates, this rate is expected to fall even further by 2025.
"I hope we will be recognized as a company that contributes to promoting births and contributing to concerns about the future of the country," the company said in a statement.
