Eight families to receive 9.6 million won in child-rearing support this year
Hyundai Steel's Suncheon factory has been running a large-family support project in the city for eight consecutive years, contributing to efforts to address the country's low birth rate and ease the financial burden on households raising multiple children.
The factory's program pairs local businesses and organizations with large families on a one-to-one basis to provide child-rearing subsidies.
The initiative aims to reduce the economic strain on families with many children and help build a community environment more conducive to raising them.
Hyundai Steel has continued the program since 2019 and has so far provided a total of 9.6 million won ($7,150) in child-rearing support to eight families.
This year's program targets households in Suncheon that have given birth to a fourth child or beyond. The Suncheon factory plans to provide each matched family with 1.2 million won over the course of a year, disbursed at 100,000 won per month.
"Amid growing concerns over the low birth rate and population decline as major community issues, we want to join efforts to build a sustainable future for the region by offering practical support to large families," a factory official said.
parkds@heraldcorp.com
