Yoon vows incentives for companies supporting work-life balance

President Yoon Suk Yeol said Wednesday the government will introduce tax and other incentives for small and medium-sized enterprises that take steps to support employees' work-life balance as part of efforts to encourage young people to have more children. During a meeting aimed at addressing the country's low birth rate, Yoon said the government will come up with various incentives, such as tax breaks, grants and loans, emphasizing the need to create work environments that allow employees to balance their careers and family life. "We can overcome the demographic crisis when giving birth and raising children becomes a happy experience," Yoon said, noting fostering such an environment would ultimately benefit corporate competitiveness. Other incentives include preferential treatment in government bidding and deferral of tax audits, he said. South Korea's fertility rate hit a record low of 0.72 in 2023, down from 0.78 in the previous year. Source: Yonhap News Agency