China's Transport Giant Promises Employee Babies $1 Billion Yuan
The company, which has 400 million customers and is one of the largest online travel companies in the world, declared it will provide parents a financial subsidy of 10,000 yuan for each child born. to its employees globally over the course of five years. According to the firm, the programme will cost roughly 1 billion yuan.
Shanghai, China: As the nation struggles with an ageing population, Trip.com Group announced on Friday that it would start paying staff 50,000 yuan ($6,897.69) for each kid they have on July 1. This is the first such programme by a significant private firm in China.
To encourage more young people to fulfil their desire to have several children, I have long advocated for the government to provide financial aid to families with children, particularly those with multiple children, according to Trip.com executive chairman James Liang. Companies can contribute to creating a fertile environment within the limits of their own capacities.
Demographers have cautioned that because of China's one-child policy, which was in place from 1980 to 2015, the country will age before it becomes wealthy since the workforce will be smaller and local authorities will have to spend more money caring for the elderly.
The lowest birth rate ever recorded in China was 6.77 births per 1,000 people in 2017, down from 7.52 births in 2021.
Authorities in 2021 said that couples could have up to three children, but regardless of the COVID stay-at-home years, couples resisted having children.
High educational and childcare expenditures, low income, a frail social safety net, and gender inequality are cited by young people as deterrents.
In a book titled "The number of people Strategies: How People Affects Business and Innovation" that was published this year, Liang—a demographer as well—proposed allocating 2% of China's GDP to promoting fertility.
One dollar equals 7.2488 Chinese yuan renminbi
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