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SMEs with 'excellent' work-family balance to defer tax audits: Gov't

Published: 27 Oct. 2024, 17:46

You Hye-mi, senior presidential secretary for low birth rate issues, speaks during a press briefing at the presidential office in Yongsan District, central Seoul, on Thursday. [YONHAP]

Korea seeks to allow small- and medium-sized enterprises (SMEs) designated with an "excellent" work-family balance to defer tax audits as part of efforts to tackle the country's chronic low birthrate, the presidential office said Sunday.

In a briefing, You Hye-mi, senior presidential secretary for low birthrate issues, announced a series of new measures to help address the country's low birthrate after its total fertility rate dropped to a record low of 0.72 last year, much lower than the replacement level of 2.1 that would keep Korea's population stable at 51 million.

As part of the measures, SMEs with the "excellent" work-family designation from the government would be able to apply for a deferral from tax audits if they were chosen.

You also said the government seeks to increase the leave for women who suffer from early-stage pregnancy loss due to miscarriages or stillbirths from the current five days to 10 days.

"The current five days are not enough to recover from the physical and mental damage from miscarriages or stillbirths," she said. "We seek to increase the leave period to 10 days."

You added the government plans to create a new leave period for partners of women who suffer miscarriages or stillbirths to help them recover.

The government plans to announce the series of new measures in detail during a demographic emergency response meeting Wednesday.

The presidential office also plans to announce a road map on population strategy when it launches a new ministry of population. In May, President Yoon Suk Yeol unveiled a plan to create a new ministry to tackle the country's low birthrate.