"We Also Give 100 Million Won When You Have a Child"... This Company Joins the Bold Childbirth Incentive Program

TYM, a specialized agricultural machinery company, has joined the ranks of offering birth incentives worth over 100 million won. It will provide 100 million won to employees who have a third child.

Commemorative Photo of TYM's 1st '2024 Childbirth Incentive Award Ceremony'
Photo by TYM

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TYM has decided to expand its birth incentive policy for employees to address the low birthrate issue. On the 21st, it held the first ‘2024 Birth Incentive Award Ceremony’ and distributed birth incentives to 19 employees. The birth incentive for employees’ children is 10 million won for the first child, 30 million won for the second child, and 100 million won for the third child or more.

TYM started in 1951 as Dongyang Mulsan, a trading company, and is now a mid-sized company manufacturing and selling agricultural machinery such as tractors and combines. It recorded sales of 1 trillion won in 2022. A TYM representative said, “We will continue to faithfully fulfill our social responsibilities and do our best to prepare support measures for areas requiring social attention, such as low birthrates and the decline of the agricultural population.”

This year, Booyoung Group opened the era of birth incentives worth over 100 million won by deciding to provide 100 million won per child to employees who give birth. Since 2021, it has attracted attention by paying 100 million won in cash per child to 70 employees’ children born after that year to encourage childbirth.

Ssangbangwool Group also decided to provide birth incentives to employees with more than five years of service who have children born after January 1 this year: 30 million won for the first child, 30 million won for the second child, and 40 million won for the third child. For infertile couples, it supports up to 3 million won annually for in vitro fertilization treatment costs, including ultrasound, injections, and medication fees. Suncruise Hotel & Resort has implemented a childbirth support welfare program starting this year, giving 50 million won when an employee has a first child and an additional 50 million won for a second child, totaling 100 million won.

The government has supported companies’ bold decisions by making the incentives tax-exempt. The Ministry of Economy and Finance decided that birth support funds paid within two years after childbirth will be fully tax-exempt up to two times. Previously, only up to 200,000 won per month was tax-exempt for birth and childcare support funds provided by companies for children under six years old, but the limit has been removed for birth support funds. The tax exemption also applies retroactively to birth support funds paid from January 1 this year.

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