Chairman Moon Juhyun Praises Philosophy That "Without Consumers, There Can Be No Companies" with Monthly Payments of 200,000 KRW for First Child, 500,000 KRW for Second, and 1,000,000 KRW for Third up to 19 Years... Companies Take Lead Where the State Should Act
Amid growing concerns that the population crisis caused by low birth rates could lead to a national crisis, a major company chairman has been attracting attention for implementing policies encouraging employees to have children for a long time.
Moon Juhyun, chairman of MDM Group (pictured), provides encouragement payments to employees of 15 domestic affiliates including MDM, MDM Plus, Korea Asset Trust, Korea Asset Capital, and MDM Asset Management. Employees who have one child receive 200,000 KRW per month, those with two children receive 500,000 KRW per month, and those with three children receive 1,000,000 KRW per month.
Notably, these childbirth encouragement payments are not one-time but continue until the child reaches the age of 19.
Accordingly, if an employee has a third child, they receive 1,000,000 KRW monthly, totaling 12,000,000 KRW annually, significantly increasing their annual income.
Moreover, these childbirth encouragement payments continue until the child turns 19, and tuition fees are also provided when the child enters university.
While the government is making all-out efforts to promote childbirth, Chairman Moon has been providing these childbirth encouragement donations for six years already.
This system was introduced in July 2019 based on Chairman Moon Juhyun’s philosophy that “a company can only exist if there are consumers,” and it is known that employees have responded very positively.
In a recent meeting, Chairman Moon said, “There is a great national concern over the declining birth rate,” and added, “We have been providing childbirth support funds for six years now.”
Chairman Moon is a leading real estate development company chairman in Korea, starting with operating MDM. Having come from a financially difficult background, he graduated from university late and entered the corporate world, founding MDM in the real estate development sector and achieving success. In May 2001, he donated 500 million KRW to establish the ‘Moon Joo Scholarship Foundation,’ which now has a donation fund of 66.7 billion KRW.
The foundation has supported 4,908 scholarship recipients with 10.3 billion KRW in scholarships, fulfilling its social responsibility as a corporate citizen. A company official stated, “Chairman Moon has long been concerned about childbirth issues and has supported childbirth encouragement payments, contributing to child-rearing through the company.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
