COMP NEWS – Trip.com Group is offering cash bonuses to employees with kids in an effort to address China’s declining population.

Trip.com Group, the largest online travel company in the world, looks to address China’s population decline and aging demographic by offering cash incentives to employees to have kids.

 

Recognizing the need for a supportive working environment and the challenges posed by the population decline, the company has introduced a childcare subsidy program for its employees.

 

Under this program, employees who have been with the company for three years or more will receive an annual cash bonus of $1380 (RMB 10,000) for each newborn child from the child’s first birthday until the age of five.

 

This initiative, with a budget of $138 million (RMB 1 billion), aims to support employees in their family planning journey while promoting a healthy work-life balance.

 

The shift in perspective reflected by Trip.com Group signifies a broader awareness in China regarding the demographic imbalances and future challenges.

 

During the Skift Megatrends event in New York City in January, Skift had highlighted the significant implications for the travel industry as India surpasses an aging China as the world’s most populous country this year.

China, after years of advocating its one-child policy, is facing a population crisis.

James Liang, the executive chairman of the Board of Trip.com Group and a prominent demographer in China, emphasized the importance of this childcare benefit in empowering employees to pursue both their professional ambitions and their aspirations of starting or expanding their families.

 

After years of advocating its one-child policy, China now grapples with the significant challenge of population decline and an aging population.

 

Demographers, including Liang, express concerns about the imbalance between an increasingly aged population and a diminishing number of young people, which could potentially disadvantage China in international competition.

 

Government projections estimate that by 2035, 30% of China’s population, or 400 million people, will be age 60 and over.

To read more about trip.com’s bonuses, click here.

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