Booyoung Group, a Seoul-based construction firm, plans to pay its employees 100 million Korean won ($75,000) each time they have a baby, the company said in a press release. 

A company spokesperson also told CNN that all of its employees will be eligible for this assistance and that there is no limit to the number of children.

South Korea had the world's lowest fertility rate of 0.78 in 2022. Statistics revealed that this rate will decline to 0.65 in 2025, according to Korea's official forecasts.

The data underscored the demographic time bomb that South Korea and other East Asian countries face as their societies age rapidly. Countries such as South Korea, Japan and China have sought to avoid mass migration to combat the decline in their working-age populations. 

Booyoung Group Chairman Lee Joong-keun said the company offers "direct financial support" to its employees to help ease the monetary burden of raising children.
If the government provides land for construction, employees with three babies will be given the option to choose between 300 million Korean won ($250,000) in cash or a residence, he added at a company event.

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"I hope we will be recognized as a company that contributes to promoting births and concerns about the country's future," Lee said. 

Booyoung Group was founded in 1983 and has since built more than 270,000 homes, according to the company's website.