[2024 Women’s Forum] Booyoung Group Offers 100 Million KRW Per Child Born... Sparking National Interest

Gender Equality Index Award | Asia Economy Grand Prize Special Award

At the 9th Asia Gender Equality Index Awards Ceremony, Booyoung Group, which received the Asia Economy Representative Award Special Prize, is making efforts to encourage childbirth by proactively providing childbirth incentive subsidies to its employees. Chairman Lee Joong-geun of Booyoung Group paid a total of 7 billion KRW in childbirth incentive subsidies, giving 100 million KRW per child to 70 children of 66 employees who gave birth between 2021 and 2023. Employees who had multiple children or children born in consecutive years received 200 million KRW each.

Park Hyun-soon, Executive Director of Booyoung Group (right), is taking a commemorative photo with Woo Byung-hyun, CEO of Asia Economy, after receiving a special award at the 9th Asia Gender Equality Index Awards ceremony hosted by Asia Economy on the 30th at Lotte Hotel in Jung-gu, Seoul.

Booyoung Group is recognized for generating social interest and forming public consensus by being the first to provide childbirth incentive subsidies. According to a survey conducted by the Anti-Corruption and Civil Rights Commission through the National Thinking Platform from April 17 to 26, out of 13,640 respondents, 8,536 answered that "if Booyoung Group's case is promoted as a government policy, it would motivate childbirth."

Booyoung Group's payment of childbirth incentive subsidies has led to changes in national policy. President Yoon Suk-yeol stated at the Youth Livelihood Forum held on March 5 that companies should be fully exempt from taxes when providing childbirth incentive subsidies to workers. Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok also said, "If companies provide childbirth incentive subsidies to employees who give birth, we will ensure that neither companies nor employees bear additional tax burdens." Subsequently, related laws such as the Enforcement Decree of the Corporate Tax Act and the Income Tax Act are being revised to allow tax exemption for childbirth incentive subsidies.

Additionally, Booyoung Group operates 66 "Booyoung Love Childcare Centers with No Rent" nationwide to support work-life balance for young couples living in rental apartments. Within the group, a childcare support team has been established, and Professor Lee Ki-sook, an emeritus professor at Ewha Womans University, has been recruited to support the operation of the childcare centers. Furthermore, Booyoung Group assists families with infants and young children living in Booyoung apartments by providing free childcare center spaces within apartment complexes, offering opening support funds and educational materials for childcare centers, conducting biannual childcare teacher training, and providing free educational consulting.