The role of work-family balance policy for enhancing social sustainability: A choice experiment analysis of koreans in their twenties and thirties

Korea is facing problems, such as inequality within society and an aging population, that places a burden on public health expenditure. The active adoption of policies that promote work-family balance (WFB), such as parental leave and workplace childcare centers, is known to help solve these problems. However, there has, as yet, been little quantitative evidence accumulated to support this notion. This study used the choice experiment methodology on 373 Koreans in their twenties and thirties, to estimate the level of utility derived from work-family balance policies. The results show that willingness to pay for parental leave was found to be valued at 7.81 million Korean won, while it was 4.83 million won for workplace childcare centers. In particular, WFB policies were found to benefit workers of lower socioeconomic status or belonging to disadvantaged groups, such as women, those with low education levels, and those with low incomes. Furthermore, the utility derived from WFB policies was found to be greater among those who desire children compared to those who do not. The results suggest that the proactive introduction of WFB policies will help solve problems such as inequality within society and population aging.