World

China’s Travel Giant Offers Employee Parenthood $1 Billion Yuan

Trip.com Group announced on Friday that from July 1, it will pay 50,000 yuan ($6,897.69) to employees for each child they have, the first such programme by a significant private company in China as the country struggles with an ageing population.

The company, one of the world’s largest online travel agencies, with 400 million customers, announced a parental financial subsidy of 10,000 yuan for each child born to its employees worldwide over a five-year period.

According to the company, the programme will cost approximately 1 billion yuan.

In a statement, Trip.com’s executive chairman, James Liang stated, “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”, Liang added.

Following the implementation of a one-child policy from 1980 to 2015, demographers have warned that China would become old before it becomes affluent, as its workforce shrinks and indebted local governments spend more on their senior population.

Last year, China’s birth rate plummeted to 6.77 births per 1,000 people, down from 7.52 births in 2021, the lowest on record.

Authorities predicted that by 2021, couples may have up to three children, but even during the stay-at-home COVID years, couples were hesitant to have children.

High childcare and education costs, low income, a weak social safety net, and gender inequality, are cited as depressing aspects among young people.

This year, Liang, a demographer, wrote a book titled “Population Strategies: How Population Affects Economy and Innovation” and proposed that 2% of China’s GDP be allocated to encouraging fertility.

Also read: Mexico Heat Wave Leaves Over 100 Dead; Highs Near 50 Degrees

Spriha Rai

Recent Posts

Flood Alert In PoK’s Muzaffarabad After Alleged Jhelum Water Release

A flood alert was issued across Muzaffarabad on Saturday after locals reported a sudden rise…

57 mins ago

Zelensky, Trump Hold Talks In Rome Ahead Of Pope’s Funeral; Discuss Ceasefire & Peace

US President Donald Trump and Ukrainian President Volodymyr Zelensky met in Rome on Saturday ahead…

2 hours ago

Pahalgam Terror Attack: Ishan Educational Institutions Organises Protest Against Terrorism

Ishan Educational Institutions, Greater Noida, today organised a peaceful protest march condemning the recent terror…

3 hours ago

Complete Ban On Drone Flights Over Noida International Airport ‘Red Zone’

Authorities have imposed a complete ban on the operation of drones and UAVs over and…

3 hours ago

Pak Army Chief Munir Revives Two-Nation Theory Amid Tensions With India

Pakistan Army Chief General Syed Asim Munir reignited controversy on Saturday by invoking the two-nation…

3 hours ago

Pope Francis Funeral: President Murmu & PM Modi Pay Final Tributes

Pope Francis, the first Latin American pontiff, was laid to rest in a humble ceremony…

5 hours ago