Move comes as China's population declines
Online travel agency Trip.com has unveiled a new RMB1-billion (USD137-million) childcare benefit that aims to support employees in growing their families in the face of a declining Chinese population.
Employees who have been with the firm for three years or more will be receiving an annual bonus of RMB10,000 (USD1,378) for each newborn child from the kid's first birthday until the age of five, the China-headquartered organisation announced in a statement.
"Through the introduction of this new childcare benefit, we aim to provide financial support that will encourage our employees to start or grow their families without compromising on their professional goals and achievements," said James Liang, Executive Chairman of the Board of Trip.com Group.
The new benefit came as China's population declined for the first time in six decades, dropping to 1.411 billion in 2022, down around 850,000 people from the previous year, according to the National Bureau of Statistics.
Following the decline, some Chinese provinces have been rolling out 30 days of paid marriage leave and expanded maternity leave to encourage families to have more children.
The country's Central Commission for Financial and Economic Affairs, however, said China's workforce supply remains rich, Xinhua News Agency reported.
Data from the commission said the country's working-age population remains close to 900 million, with 15 million individuals joining the workforce annually.
"A slight decline in population size and an increasingly aging society are inevitable during the economic and social development," said He Dan, head of the China Population and Development Research Centre, as quoted by Xinhua.
Hybrid work arrangement
This is not the first time Trip.com rolled out a policy that seeks to support its employees balance their family and professional lives.
It is also the first-ever internet company in China to implement hybrid work arrangement in 2022, which has been adopted by its offices in 14 markets, including Hong Kong, Singapore, Malaysia, Thailand, Japan, and Australia.
Under the scheme, employees of the online travel agency can choose whether to work remotely on some days of the week.
"The promotion of hybrid working is a multi-win for companies, employees, and society. Not only does it improve employee satisfaction without compromising efficiency, it also helps reduce traffic congestion and environmental protection; alleviates high housing prices and regional disparities; and contributes to families, female career development and higher fertility rates," Lian said in a previous statement.
