PharmaResearch pays employees $7,706 bonus for having 3rd child

With South Korea setting new lows in birth rate every year, PharmaResearch on Wednesday said it will adopt an unprecedented system of childbirth and childcare support to tackle the problem.

The biopharmaceutical company's expansion of its internal welfare system, the Safe Childbirth and Childrearing Support Program, consists of incentives to stimulate childbirth and support childcare without interruption in career.

First, a measure to encourage childbirth is a lump sum payment of 3 million won ($2,310) for the first child, 5 million won for the second and 10 million won for the third. This is in addition to a monthly childcare subsidy of 100,000 won for one child, 300,000 won for two and 500,000 won for three until each child reaches age 8.

Employees having difficulty conceiving will receive subsidized treatment for infertility of a maximum 1 million won per session regardless of the number of appointments and paid leave one a month for treatment. To promote work-life balance, female employees with children under age 8 are entitled to a flexible five-day workweek and optional short-time work system for up to two years per child.

"Childbirth and childrearing are major challenges for companies and the country to solve together," a company source said. "To help overcome the low birth rate, we've introduced an expanded range of childbirth and childrearing support systems."

"We will keep applying socially meaningful systems to expand our influence as a shared growth company."

PharmaResearch manufactures medicine, cosmetics and medical devices based on self-regeneration accelerator technology, and is best known for its wrinkle-improving skin booster Rejuran.

Write to Yoorim Kim at youforest@hankyung.com