Korean financial outfit to support with a matching fund
The Korean Federation of Community Credit Cooperatives (KFCC) announced on Feb. 27 that the Seoul-based organization would help the country deal with the low birthrate.
The KFCC noted that its corporate social responsibility outfit would continue to channel funds to support parents who give birth to new babies.
From 2020 through 2023, it offered a total of 2.5 billion won ($1.9 million) to newborn babies. This year, the entity plans to provide 1 billion won ($750,000) for the cause.
“We are required to put forth efforts to grapple with the crisis of the low birth rate,” a senior KFCC official said.
“We have chalked up a fast growth thanks to the support of people. It’s time for us to pay back. By taking part in the efforts to deal with the low birth rate, we will underpin the improvement of people’s quality of life.”
The KFCC noted that it would keep its ESG management down the road.
Short for Environmental, Social, and corporate Governance, ESG refers to the three major factors in gauging the sustainability of a corporation or business.
As South Korea’s foremost apex outfit, the KFCC is an umbrella organization for up to 1,300 financial cooperatives across the country. Its customer base amounts to some 20 million people here.
South Korea’s fertility rate has been plummeting, falling to 0.72 last year. This means that for every 100 women, only 72 babies are expected to be born.
South Korea has seen its fertility rate remain at rock bottom since 2013, with the total population dropping almost 1 percent each year in the last three years.