"'1 Billion Won for Having a Child' Lee Joong-geun, Chairman of Booyoung, Receives Low Birthrate Committee Plaque of Appreciation"

100 Billion KRW Provided for Childbirth Incentives; Birth Rate Rises Within the Group
Tax Exemption for Childbirth Incentives Promoted; Reflected in Government and National Assembly Policies
Proposals for Raising Elderly Age and Introducing Home Hospice Care; Addressing Population Aging

On the 27th, at the Booyoung Group headquarters in Jung-gu, Seoul, Lee Joong-geun, Chairman of Booyoung Group (left), is receiving a plaque of appreciation from Joo Hyung-hwan, Vice Chairman of the Low Birthrate and Aging Society Committee, and posing for a commemorative photo. Photo by Booyoung Group

Lee Joong-geun, chairman of Booyoung Group, received a plaque of appreciation from the Presidential Committee on Ageing Society and Population Policy. His support for childbirth incentives and proposals for policies addressing aging were recognized.

On the 27th, Joo Hyung-hwan, vice chairman of the Low Birthrate Committee, visited Booyoung Group headquarters in Jung-gu, Seoul, to present the plaque to Chairman Lee. Vice Chairman Joo said, "The company has taken the lead in opening the way to solve the problems of low birthrate and aging," adding, "Chairman Lee's intention to welcome births and embrace the elderly will become the foundation for South Korea's future."

Chairman Lee drew attention last year by providing childbirth incentives of 100 million KRW per child to employees who gave birth. At the 2024 New Year's ceremony, he supported a total of 10 billion KRW by giving 7 billion KRW to 70 children born to employees from 2021 to 2023, and 2.8 billion KRW to 28 children born to employees in early 2024. This led to an increase in the birth rate within Booyoung Group. The average annual number of births from 2021 to 2023 was 23, but it rose to 28 in 2024. The alleviation of economic burdens was evaluated as a direct effect. Additionally, Chairman Lee proposed a tax exemption system for childbirth incentives, and the government and National Assembly revised related tax laws to recognize corporate childbirth incentives as fully tax-exempt. This measure became a catalyst for expanding childbirth support in other companies.

Appreciation plaque awarded to Lee Joong-geun, Chairman of Booyoung Group, by the Low Birthrate and Aging Society Committee. Provided by Booyoung Group

To address the aging problem, Chairman Lee, who also serves as president of the Korea Senior Citizens Association, proposed last year a plan to gradually raise the elderly age threshold to 75. The aim is to reduce the number of elderly by one year annually to maintain about 12 million elderly people by 2050. The Ministry of Health and Welfare selected this plan as a key task for 2025 and has begun full-scale review. Chairman Lee likened the aging issue to a snowball, saying, "It is invisible when rolling from a distant mountain, but becomes unmanageable as it approaches," emphasizing the need for vigilance.

He also proposed the introduction of home hospice care. He argued for expanding support for caregivers and helpers so that people can spend their final moments with family at home rather than in nursing homes, and for allowing foreign nursing assistants to work in Korea. Along with this, he suggested establishing a new 'Population Department' to comprehensively manage population issues and is cooperating with related agencies.