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Tax support for companies with birthrate incentives: Yoon

Collected: 2024.02.14

Distributed: 2024.02.15

Source: Go Direct

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[Photo by Lee Seung-hwan]

South Korean President Yoon Suk Yeol called for tax incentives for companies that have developed solutions to the country’s falling birth rates.

The presidential office conveyed Yoon’s positive stance on recent corporate moves aimed at addressing the declining birthrate. He urged relevant authorities to devise diverse support measures, such as tax benefits, to stimulate voluntary childbirth support efforts.

More companies have developed solutions to encourage their employees to have children but have faced tax obstacles.

In an earlier announcement, Booyoung Group’s Chairman Lee Jung-geun announced a significant incentive of 100 million won ($74,822) for each child born in 2021 to its employees. Due to the restrictions in the income tax codes, the company transferred the amount directly to the child’s bank account and employees still have to pay a gift tax of 10 million won.

IMM, a private equity firm, is also committed to providing financial assistance to employees who become parents, including a lump sum payment of 10 million won and a monthly stipend of 500,000 won until the child is of school age.

By Woo Je-yoon and Han Yubin

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