"KRW 10 million per child"...Hanwha M&S childcare support allowance benefits more than 500 families

[Financial News] Hanwha M&S’s childcare support allowance program for employees who have given birth has now benefited more than 500 families, as the company continues to support employees in balancing work and family life.
According to industry sources on the 3rd, more than 500 employee families have benefited from Hanwha M&S’s childcare support allowance program, which provides KRW 10 million to employees following childbirth.
The childcare support allowance provides KRW 10 million after tax to the families of employees who give birth, regardless of the number of births. The program was first introduced in January last year at eight affiliates, including Hanwha Galleria and Hanwha Hotels & Resorts, under the leadership of Kim Dong-sun, president overseeing Hanwha M&S’s future strategy. It was later expanded to 16 affiliates, including Hanwha Vision and OURHOME.
By affiliate, the number of recipient employees was highest at OURHOME with 174, followed by Hanwha Hotels & Resorts with 91, Hanwha Semitek with 49, Hanwha Vision with 46, and Hanwha Galleria with 38.
As rising prices increase the burden of childcare costs, the allowance is providing employees with psychological stability beyond simple financial assistance and serving as a partner in childcare. In fact, 95% of recipient employees said they were positively considering having another child because of the program.
Kim Shin-young, a manager at OURHOME who received KRW 20 million after giving birth to twins in March this year, explained, "With the birth of our twins, our family grew to four members, so we need more space and are planning to move. We were very worried as lending regulations were gradually tightening, but the childcare support allowance was a great help."
A Hanwha M&S representative said, "As we have supported the childbirth and childcare of employees from 500 families, we have once again realized the importance of balancing work and family life. We will continue to pursue various initiatives that enable employees and the company to grow together."
[email protected] Park Kyung-ho Reporter