Travel Giant Offers Employees Financial Stimulants To Have Children

The corporation estimates that the total cost of the program would be about 1 billion yuan.

One of the biggest online travel companies in the world, with over 400 million customers, has announced it would provide a financial subsidy of 10,000 yuan per year, for up to five years, for every child born to an employee anywhere in the globe.

As China struggles with an ageing population, the Trip.com Group said that beginning July 1, it will pay workers 50,000 yuan ($6,897.69) for every child they had. This is the first such program by a significant privately owned company in China.

"I have always suggested that the government give money to families with children, especially multiple children, to help more young people fulfil their desire to have multiple children. Companies can also play a role within their own capabilities to build a favourable fertility atmosphere", stated Trip.com executive chairman James Liang.

As a result of China's one-child policy, which was in place from 1980 to 2015, demographers have expressed concern that the country may become more elderly before it becomes prosperous. This is due to the fact that China's workforce is decreasing while local governments are becoming increasingly responsible for the care of their ageing populations. The birth rate in China hit a historic low of 6.77 per 1,000, down from 7.52 in 2021.

Officials in 2021 stated couples may have up to three children, but even during the COVID pandemic years of staying at home, many were hesitant to start families. Reasons cited by young people for being disheartened include expensive childcare and school expenses, poor income, a weak social safety net, and gender inequity.

Liang also argued that 2% of China's GDP should be allocated to family planning.

 

Source: ndtv.com