China's Trip.com group said that it would pay 50,000 yuan ( approximately $6,897) to its employees for each child they have starting July 1. This marks the first such initiative by a large private company in China as the country grapples with an ageing population. The company is one of the world's largest online travel agencies with 400 million users.
A parental cash subsidy of 10,000 yuan will be paid by the company annually for five years for every child born to its employees and the programme will cost about 1 billion yuan, it said.
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What the compay said?
"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," Trip.com executive chairman James Liang said adding, "Companies can also play a role within their own capabilities to build a favourable fertility atmosphere."
Why are demographers worried about China's population decline?
This comes as demographers warned that China will get old before it gets rich, as its workforce shrinks following the one-child policy that lasted from 1980 to 2015. Local governments in the country are spending more and more on their elderly population but are also launching programmes that promote young couples to have more children.
{{/usCountry}}This comes as demographers warned that China will get old before it gets rich, as its workforce shrinks following the one-child policy that lasted from 1980 to 2015. Local governments in the country are spending more and more on their elderly population but are also launching programmes that promote young couples to have more children.
{{/usCountry}}China's birth rate last year fell to 6.77 births per 1,000 people, from 7.52 births in 2021, which was the lowest on record. In 2021, China said couples could have as many as three children.