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Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.

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Speaker 2: Honky is a thirty seven year old father of to

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Speaker 2: living in South Korea. After his second child was born

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Speaker 2: last year, he took six months paid paternity leave to

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Speaker 2: take care of the kids, money, and to welcome his

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Speaker 2: new baby. The company also gave him seventy two thousand

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Speaker 2: dollars no strings attached. Honky says when he got the news,

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Speaker 2: he was so excited he couldn't mat and the good

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Speaker 2: news didn't stop there. Honki and his wife learned his

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Speaker 2: company would give him another seventy two thousand retroactively applied

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Speaker 2: for their first child, who was born in twenty twenty one.

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Speaker 2: Honky says thanks to that gift, he and his wife

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Speaker 2: have been able to move to a bigger house. They're

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Speaker 2: also thinking about having a third child.

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Speaker 3: You think.

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Speaker 2: Hongi's company, a construction firm called Wu Yong, is one

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Speaker 2: of dozens of firms in Korea offering financial incentives to

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Speaker 2: employees if they have babies. Bloomberg's Yung Hi Shin says

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Speaker 2: these companies are hoping the baby bonuses, together with a

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Speaker 2: host of other family friendly policies, will help boost South

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Speaker 2: Korea's fertility rate that's now at just zero point seventy

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Speaker 2: five births per woman, the lowest on the planet.

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Speaker 3: Korea is indeed facing a population crisis. The population is

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Speaker 3: projected to a shrink by almost a third by twenty

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Speaker 3: seventy two. If we don't do something, and it has

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Speaker 3: massive implications. There will be a shrinking workforce, tax revenue falling,

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Speaker 3: and Korea is technically at war against North Korea and

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Speaker 3: there will be no pie all joining the military to

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Speaker 3: protect the country.

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Speaker 2: This is the Big Take Asia from Bloueberg News. I'm Wanha.

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Speaker 2: Every week we take you inside some of the world's

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Speaker 2: biggest and most powerful economies and the markets, tycoons and

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Speaker 2: businesses that drive this ever shifting region. Today on the show,

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Speaker 2: why are Korean companies paying their employees big bucks to

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Speaker 2: have babies? And our baby bonuses a long term solution.

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Speaker 2: Global birth rates have been declining for decades, falling from

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Speaker 2: five births per woman in nineteen sixty to just above

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Speaker 2: two last year. The phenomenon is especially pronounced in South Korea,

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Speaker 2: which has had the lowest birth rate in the world

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Speaker 2: for most of the past two decades.

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Speaker 3: That's a top priority for the government for many years

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Speaker 3: and last year as the former president, he declared a

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Speaker 3: national demographic emergency.

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Speaker 2: Kyung Hi Shin is a Bloomberg reporter based in Seoul.

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Speaker 3: So the government has been spending hundreds of billions of

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Speaker 3: dollars to fix the problem.

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Speaker 2: Developed countries with low birth rates like South Korea, worry

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Speaker 2: that unless they have more babies, they won't have enough

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Speaker 2: workers to support their economies and enough taxpayers to support

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Speaker 2: their aging populations. In South Korea, the government's tried expanding

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Speaker 2: childcare subsidies, extending parental leave, offering mortgages at lower rates,

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Speaker 2: even offering financial support for Soul residents looking to reverse vasectomies.

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Speaker 3: By law, a couple can have combined three years of

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Speaker 3: shared parental leaf you can use through three years at

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Speaker 3: any time and up until your child becomes eight years old.

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Speaker 2: Korea is not the only Asian nation offering incentives to

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Speaker 2: would be parents. In Hong Kong, residents are entitled to

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Speaker 2: fourteen weeks of paid maternity leave and a one time

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Speaker 2: baby bonus of twenty six hundred US dollars. In Japan,

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Speaker 2: families with three or more kids are eligible to get

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Speaker 2: most of the university tuition fees covered by the government,

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Speaker 2: but Korea's efforts to tackle its declining birth rate go

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Speaker 2: above and beyond what many other countries are willing to do.

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Speaker 2: And now Korean corporations like Buyong are jumping in with

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Speaker 2: initiatives of their own.

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Speaker 3: They were the first one to go very b and

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Speaker 3: the founder he's pretty old, he's eighty four, but he's

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Speaker 3: been doing lots of the lanthropy work over the past

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Speaker 3: several years. And February last year, the company usually holds

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Speaker 3: New Year's ceremony, so where the founder comes up and

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Speaker 3: then he gives a speech. It was supposed to be

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Speaker 3: just a regular ceremony, but he made as a price announcement.

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Speaker 2: The founder announced the company would give one hundred million

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Speaker 2: Korean one about seventy two thousand dollars to every employee

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Speaker 2: who welcomes a baby, and the new policy applied to

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Speaker 2: all babies born within the past three years.

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Speaker 3: There was a literal silence, and then some people were shouting,

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Speaker 3: and then some people were almost breaking up in tears.

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Speaker 2: For some couples, it was like winning the lottery. Seventy

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Speaker 2: two thousand dollars is about double the annual per capita

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Speaker 2: income in Korea, and the money goes directly into the

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Speaker 2: employee's bank account and isn't taxed by the government.

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Speaker 3: You can't really buy your house the fact, but you

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Speaker 3: can get a new car and then you can hire,

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Speaker 3: you know, some people who can help take care of

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Speaker 3: your baby or are you.

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Speaker 2: A house At Boujong, the bonus doesn't have any conditions attached.

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Speaker 2: Employees can even get their baby pay out and quit

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Speaker 2: the next day, but no one has. Out of the

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Speaker 2: one hundred or so employees that have gotten the bonuses,

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Speaker 2: Boujong said all are still with the company, and since

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Speaker 2: introducing the baby bonus more than a year ago, the

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Speaker 2: company believes it's see an impact.

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Speaker 3: Buyong has given out the bonus to about one hundred

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Speaker 3: employees so far, and they had twenty eight employees last year.

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Speaker 3: That's about the five people more than the previous three

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Speaker 3: years on average, and the company thinks the policy did

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Speaker 3: encourage some people to have babies and Korea, the corporate

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Speaker 3: culture has been pretty rigid, and it's also construction company

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Speaker 3: where it's dominated by male employees, mostly so it has

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Speaker 3: the low and work hours and very paternal estate office culture.

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Speaker 3: Because they introduced the policy, employees are encouraging each other

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Speaker 3: to have babies and then get married and beyond a

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Speaker 3: parent belief, so there is some change in the making.

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Speaker 2: Jung Ki says Buyong's parents' success has inspired other big companies.

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Speaker 2: In crea the follow suit, she found dozens of public

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Speaker 2: and private companies are offering payouts to employees who have babies,

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Speaker 2: and handouts like these are costing cream companies millions of

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Speaker 2: dollars a year.

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Speaker 3: We put young. It has more to do with the

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Speaker 3: founders philosophy. He's a patriotic man and he's been saying

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Speaker 3: he wanted to give back to the society. For other companies,

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Speaker 3: they see it as part of their corporate social responsibility progress,

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Speaker 3: and it also helps them bring talent. In the end,

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Speaker 3: these companies think paying workers right now to have babies

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Speaker 3: coupe cheaper in the very long term than warning a

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Speaker 3: business in a country where you have no babies and

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Speaker 3: no workers to hire.

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Speaker 2: But it's unclear if these incentive programs will do that

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Speaker 2: much to boost Korea's birth rate. That's because baby bonuses

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Speaker 2: only address one part of the problem expensive childcare and

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Speaker 2: developed countries, the.

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Speaker 1: Decision making about whether and when to have children is

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Speaker 1: very complex.

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Speaker 2: Kathleen mogil Guard is the president and CEO of the

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Speaker 2: Population Institute, nonprofit in Washington, DC that researches population trends.

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Speaker 1: Often it is about the costs of raising a child,

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Speaker 1: but there are also a number of personal decisions about timing,

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Speaker 1: about spacing, about the kinds of relationships we have in

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Speaker 1: our life, around whether or not we feel like that

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Speaker 1: is the kind of future that we see for ourselves

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Speaker 1: and for our families.

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Speaker 2: Other countries that have introduced baby bonuses have seen only

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Speaker 2: short lived success in boosting birth rates. Australia and Hungary

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Speaker 2: provided cash handouts to new parents at various times in

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Speaker 2: the past two decades, and while they saw an initial

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Speaker 2: bump in births, their birth rates eventually declined again.

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Speaker 1: What we have seen so far is that governments sometimes

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Speaker 1: invest a lot of resources in these kinds of incentives

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Speaker 1: and it doesn't move the needle in any significant way

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Speaker 1: that we have seen so far.

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Speaker 2: In Korea, though there are glimmers of hope, the country's

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Speaker 2: birth rate went up last year for the first time

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Speaker 2: I'm in a decade, and while it's not clear what

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Speaker 2: the exact reason was for the uptick or if the

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Speaker 2: trend will continue, almost all experts agree that handouts aren't

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Speaker 2: a permanent solution. Structural changes are.

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Speaker 1: In places where fertility is dropping very low. That can

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Speaker 1: serve as a signal to governments to take a look

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Speaker 1: at what is happening in society that is resulting in

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Speaker 1: these kinds of extremes in fertility patterns, and that could

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Speaker 1: invite us to better understand the barriers that they may

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Speaker 1: be experiencing to achieving their child bearing desires. There may

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Speaker 1: be things that are playing out in terms of gender equity,

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Speaker 1: inflexible work policies, or dynamics culturally within the household that

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Speaker 1: might serve as disincentives for women to have a child

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Speaker 1: or have another.

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Speaker 2: Child after the break the economics of declining birth rates

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Speaker 2: and what could work to persuade people to have more babies.

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Speaker 2: Although women have been having far fewer babies on average

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Speaker 2: compared to previous generations, the world's population is still growing overall.

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Speaker 2: The United Nations says only around sixty countries are seeing

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Speaker 2: their populations decline, but the population in more than one

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Speaker 2: hundred and twenty other countries, including the United States, is

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Speaker 2: still growing and appears on track to keep growing for

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Speaker 2: the next thirty years.

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Speaker 1: Even though there is kind of this panic right now

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Speaker 1: about population decline. We are actually in a period of

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Speaker 1: continuing population growth for decades to come.

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Speaker 2: Kathleen Mogilgard from the Population Institute sees it this way.

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Speaker 2: We're not living in a period of demographic decline, but

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Speaker 2: demographic diversity.

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Speaker 1: The world's population is likely to add another two billion

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Speaker 1: people through this century. We're currently at about eight point

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Speaker 1: two billion people globally. Projections from the United Nations indicate

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Speaker 1: that we are likely to continue to grow through this

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Speaker 1: century globally to about ten or more billion by the

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Speaker 1: mid twenty eighties.

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Speaker 2: She says, in some ways, the story of the birth

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Speaker 2: rate decline is actually one of progress.

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Speaker 1: There have been more opportunities for women and girls around

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Speaker 1: the world, an expansion of rights for women and girls

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Speaker 1: when it comes to education, when it comes to entering

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Speaker 1: the workforce, and when it comes to accessing the services

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Speaker 1: and the information that enable women to have agency over

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Speaker 1: their reproductive lives.

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Speaker 2: And new research shows that in places with ultra low

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Speaker 2: fertility rates like South Korea, gender dynamics have a lot

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Speaker 2: to do with why women are having fewer kids.

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Speaker 1: Emerging recent search indicates cultural changes around gender roles and

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Speaker 1: the greater sharing of household responsibilities and duties between men

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Speaker 1: and women is something that can be really supportive of

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Speaker 1: women's decision making about whether to have a child or

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Speaker 1: to have another child when she can have that assurance

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Speaker 1: that those responsibilities will be shared equally.

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Speaker 2: And while South Korea's fertility incentives and baby bonuses are

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Speaker 2: aimed at supporting its economy, Kathleen argues countries don't necessarily

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Speaker 2: need more babies to sustain their economic growth.

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Speaker 1: So, for example, in Japan, which has been in population

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Speaker 1: decline for quite some time, the per capita GDP in

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Speaker 1: Japan continues on an upward trajectory. So if we're thinking

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Speaker 1: about what it means to have a healthy economic life

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Speaker 1: for the individual, there has been continued economic growth on

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Speaker 1: an individual level even as that country is experiencing population decline.

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Speaker 1: So the overall economic picture for countries is less about

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Speaker 1: the number of people but more about kind of economic

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Speaker 1: productivity within a country, and there are lots of different

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Speaker 1: ways to stimulate economic productivity. We can invest more in

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Speaker 1: training and in education for people. We can think about

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Speaker 1: ways to shift economic systems so that we get greater

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Speaker 1: output from the same number of people, or fewer numbers

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Speaker 1: of people.

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Speaker 2: To maintain a stable population where there's no growth or decline,

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Speaker 2: the average woman needs to have roughly two children. Bloomberg's

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Speaker 2: Jonghi Shin says South Korea is still a long way

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Speaker 2: short of that number, and even the South Korean government

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Speaker 2: acknowledges that to close that gap, it'll need more than

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Speaker 2: a few companies offering baby bonuses.

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Speaker 3: Their goal is to raise the fertility rate to one

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Speaker 3: twenty thirty. Right now it's at zero point them stepifive.

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Speaker 3: The government panel that I interview said you have to

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Speaker 3: be working five times harder to reach that goal. Experts

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Speaker 3: say money is a good way to encourage people to

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Speaker 3: have babies, but you know there has to be more

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Speaker 3: other issues being resolved. So at smare companies, you might

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Speaker 3: not get a bonus, but they can be more flexible.

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Speaker 3: It has to come all together to move them little

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Speaker 3: and bring about real change.

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Speaker 2: This is the Big Take Asia from Bloomberg News. I'm

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Speaker 2: the show. Thanks for listening, See you next time. A D.