SEOUL, Sept. 17 (UPI) — To address its low fertility rate, the South Korean government has gone all out. Now, the country’s private corporations are joining the campaign by offering higher savings interest rates for families with multiple children.

The Korean Federation of Community Credit Cooperatives said Wednesday that its newly launched savings product attracted more than 30,000 customers. With more than 1,250 financial cooperatives, it is the nation’s largest apex organization.

The product provides 10% interest for customers with a newborn this year. If the child is their second, the rate increases to 11%, and for a third child, it rises to 12%. A monthly deposit limit applies, though.

“We will develop various programs to uphold our responsibility as a local financial institution, and to contribute to building a sustainable community,” cooperative Chairman Kim In said in a statement.

KB Kookmin Bank, Korea’s largest lender in terms of assets, also has a savings account that offers interest rates up to 10% to families with multiple children.

Last year, Seoul-based builder Booyoung started to award a $72,000 bonus to employees each time they had a baby. The company told UPI that it had spent $7.1 million for the initiative so far.

Cosmetics maker Kolmar Korea provides a childbirth grant of $7,200 for the first and second children, and $14,400 for the third. It has also made parental leave mandatory.

South Korea’s fertility rate has been plummeting, falling to 0.72 in 2023 before slightly going up to 0.75 last year. This means that for every 100 women, only 75 babies are expected to be born.

It is one of the lowest rates in the world. Only a handful of places recorded fertility rates below 1 in recent years, including Hong Kong, and Taiwan.