South Korean construction giant Booyoung implemented the policy in 2021 and has already paid out seven million won (around £4.1 million), The Korea Times reports.

As well as offering employees 100 million won (around £59,000) per birth, workers with more than three children are offered permanent rental housing.

The policy was apparently devised by the company’s billionaire owner and his concern over South Korea’s demographic crisis.

Lee Joong-keun, Booyoung Group chairman, said: “If Korea’s birthrate remains low, the country will face the crisis of extinction in 20 years.

“The low birthrate results from financial burdens and difficulties in balancing work and family life, so we decided to take such a drastic measure.”