BooYoung Construction has decided to become the first domestic enterprise to combat low birth rates by offering a childbirth incentive of 100 million won for each child conceived by its employees.

The company also plans to offer permanent rental housing to employees who have a third child, provided that the government opens opportunities for private companies in the public housing sector.

Chairman Lee Joong-keun of BooYoung Group stated, “Alongside government efforts, we decided to directly assist our employees by reducing the financial burden of child-rearing, a major contributor to the low birth rate, and also help with supporting work-life balance.”

To address the low birth rate issue, the company proposed a ‘childbirth encouragement fund, tax-exempt donation cl system’.

This system would make donations tax-free and provide income tax deductions to donors, aiming for a triple strategy involving the government, construction industry, and residents.

BooYoung Group’s initiative seeks to supply quality permanent rental housing, contributing to proper housing stability for the low-income class and the homeless, becoming a corporation that supports community welfare.

Korea’s journey into an ultra-low birth rate society continues, with fertility rates dropping to historic lows since 2002.

Despite slight improvements, the ultra-low birth rate persists.

The low birth rate in Korea is closely linked to declining marriage rates.

Decisions on marriage and childbirth consider past experience, current situations, future outlooks, and the present socio-political environment.

Marriage and childbirth decisions involve how individuals use their limited opportunities and resources, reflecting assessments of the present and projections of the family’s future, according to research by Kim Seok Ho.

Since the IMF economic crisis in 1998, Korea has faced continuous low economic growth, followed by job instability, insecure wages, and deteriorating job quality / working conditions.

For young generations, it has become increasingly challenging to obtain a job, achieve financial stability, and to marry and have children.

This generation’s reluctance towards marriage and childbirth stems from the unpredictability and chaos of future prospects.

In the past, families supported preparation for the future, but the capacity for such support is dwindling.

As a result, young people are divided into those who can receive parental support and those who cannot, deepening intra-generational disparities.

An increasing number of young people believe their future is predetermined by their parents’ socio-economic status, losing hope of surpassing their parents’ achievements, as confirmed by numerous studies.

Inequality between generations creates a divide between a minority who can meticulously prepare for the future, and the majority who must accept an uncertain future as fate while grappling with current hardships.

This situation has led to a division between those who can plan their lives with marriage and childbirth in mind and those who cannot, with the majority viewing these life events as precarious decisions rather than natural progressions.

Ongoing low economic growth, job instability, and poor job quality since the 1998 IMF crisis further explain young people’s hesitance to marry and have children.

Understanding young people’s aversion to marriage and childbearing requires examining the impact of current resources, real-life difficulties, and future uncertainties, requiring a consideration of socio-economic and socio-psychological factors.

Daniel Yejoon Ko

Grade 10

Cheongsim International School