Booyoung Group, a domestic builder, offered two-point-eight billion won, or around one-point-nine million U.S. dollars, to all its employees who gave birth last year as a form of childbirth incentive.

The grants, 100 million won per child, were delivered to the employees during the company's new year kickoff ceremony on Wednesday.

The grant system was introduced by Booyoung Group Chairman Lee Joong-keun in tackling the nation's low birth and population decline crisis.

At the event, Lee said he hoped the program will encourage other companies to voluntarily join the initiative, adding he intends to continue the payouts until the nation sees a more balanced population structure.

A total of seven billion won were provided the inaugural year in 2024 for employees who gave birth between 2021 and 2023.