On February 17^th (Monday), Acting President and Deputy Prime Minister Choi Sang-mok, who also serves as the Minister of Economy and Finance, held a luncheon meeting at the Government Complex-Seoul with high-level officials from relevant ministries^* and key policy demanders such as working moms and dads, heads of companies with excellent work-life balance practices, and family-friendly certified companies.

^* The governments side attendees include Minister of Employment and Labor Kim Moon-soo, Vice Minister of Gender Equality and Family Shin Young-sook, and Vice Minister of Small and Medium-Sized Enterprises and Startups Kim Sung-sup.

The luncheon meeting was organized to encourage leaders of outstanding companies in the areas of  building a culture with work-family balance in their companies, listen to the challenges faced by employees balancing work and parenting, and share and discuss future policy directions.

Acting President Choi stated at the meeting that “in order to address the low birthrate, creating an environment in which work and family can coexist harmoniously is essential” and emphasized that “the government is shoring up financial and tax support by significantly expanding the budget for fertility policies, introducing a marriage tax credit, and increasing the child tax credit.” Furthermore, he noted that with the implementation of the ‘three laws for childcare support’^[1] starting from February 23, additional childcare support, such as extension of parental leave period (one year to one and a half years) for shared parenting and of spousal paternity leave period, will be provided, with the expectation of a more widely spreading childcare-friendly culture.

Also, he highlighted that not only the government but also the role of businesses and a shift in their perception are important in enhancing work-family balance. While stating that “the government is designating companies that take the lead in work-family balance as ‘Excellent Work-Life Balance Companies’ and ‘Family-Friendly Certified Companies’, providing various incentives including tax audit deferrals and preferential treatment in government support programs.”, he encouraged more companies to join in creating work-life balance environments and spreading this culture.

Participants expressed hope that ①the changes in support systems for work-parenting balance this year would contribute to tackling the low birthrate, and stressed the need for active promotion of the benefits to beneficiaries. They also requested ②the expansion of childcare facilities for those working in SMEs as workplace childcare centers are a crucial part of achieving work-family balance. Furthermore, they suggested ③bolstering support for substitute workers filling in for those on parental leave and proposing additional benefits for ‘Excellent Work-Life Balance Companies’ and ‘Family-Friendly Certified Companies.’

In response, officials from related ministries stated that they would ①actively promote the support systems for work-parenting balance that are changing this year to ensure that no one misses out on utilizing them due to a lack of awareness; they also mentioned plans to continue ②scaling up joint workplace childcare centers for SMEs by providing installation cost support; not only that, they will ③collaborate with local governments and Shinhan Financial Group to shore up support for substitute workers^*, and ④enhance cross-ministerial cooperation to prepare additional incentives for leading companies in work-family balance.

^* Expansion of support for substitute workers: Ministry of Employment and Labor (up to 1.2 million KRW per month, maximum 14.4 million KRW) + Shinhan Financial Group & Korea Foundation for Cooperation of Large & Small Businesses (maximum 2 million KRW) + 5 local governments (maximum 2 million KRW).

Acting President Choi pointed out that “after the total fertility rate in 2023 hit a record low of 0.72, there have been positive signs of recovery in 2024, marking the first rebound in nine years. However, there is still much to be done to establish a culture of work-family balance.” He further underlined that “the government will incorporate the participants’ opinions shared today into the policy-making process so that we make utmost-effort for workers balancing both work and childcare can experience tangible changes.”