The group "Trip.com" will pay 50,000 yuan (6,897.69 USD) to employees for each child they have starting from July 1. This is the first initiative of its kind launched by a large private company in China, which is struggling with the increasing number of elderly people among its population. The CEO of the company confirmed today, Friday, that they "will provide cash support to parents amounting to 10,000 yuan annually for five years for each child born to their employees worldwide," noting that "the program will cost around 1 billion yuan."
He stated, "I have always suggested that the government provide funds to families that have children, especially those that have multiple children, to help more young people fulfill their desires to have several children. Companies can also play a role within their own capabilities to provide favorable conditions for childbirth."
After enforcing the one-child policy from 1980 to 2015, demography researchers warned that China will face an aging population with a shrinking workforce, and local governments burdened by debt will spend more on their elderly residents.
