The Digital Source For China's Tech Innovation Since 2000

Search
Close

A Boss With Benefits: Alibaba Responds To China's Rising Inflation

August 22, 2011
Business | Internet

Chinese B2B e-commerce group Alibaba has announced plans to launch a CNY3 billion housing loan scheme for its employees and a CNY500 million education fund to solve the preschool and primary education problems of children of its employees.

Meanwhile, considering the pressure brought by Chinese commodity price increases and fast inflation rise, the group will give over CNY40 million in one-time subsidiaries to its junior staff.

Peng Lei, chief human resources officer of Alibaba Group, told local media that over the past 12 years, Alibaba's most valuable resources have been its clients and employees. While creating value for customers, many employees have started bearing more family and social pressure with the fast rise in prices in China. Alibaba Group therefore aims to provide a better life to its employee and their families.

Starting from September 1, 2011, Alibaba will launch a housing loan scheme named iHome, which plans to offer CNY3 billion in interest-free housing loans to employees. Those Chinese mainland employees who serve the group for at least two years and plan to buy their first apartment in their working location can apply for the loans. Employees working for the group between two and three years can apply for a loan up to CNY200,000; and those working more than three years can apply for up to CNY300,000.

At the same time, Alibaba Group will invest CNY500 million to set up an education fund, which will be used for education facilities construction and cooperation with related education organizations. The group will cooperate with local schools in Hangzhou to help solve the preschool and primary education problems of children of its employees.

Tags: Alibaba | B2B | bank | China CSR | corporate social responsibility | CSR | e-commerce | education | employee | finance | financial crisis | human resources | inflation | Internet shopping | loan | online shopping | Peng Lei | real estate | sourcing | subsidy

Other Related News:

E Fund Management Hong Kong Co. Ltd. Reduces Holdings in NetEase, Inc. (NASDAQ:NTES)

August 15, 2021

Off-duty Hong Kong police officer arrested for drink-driving after Tesla rams bakery, allegedly hits pedestrian

May 28, 2022

Free Standards Group Opens Chinese Linux Certification Lab

January 16, 2006

Datang And Potevio Merger Will Create TD-SCDMA Powerhouse

July 19, 2010

People’s Bank of China to maintain high-pressure crackdown on crypto speculation

March 6, 2022

Digital Innovation in Insurance Market Size and Growth 2028 Key Players – AXA, Zurich Insurance, China Life Insurance, Berkshire Hathaway, Prudential Financial, UnitedHealth, Munich Re, Assicurazioni Generali, Japan Post

August 22, 2021

China bans celebrities from showing off their wealth on social media

November 25, 2021

Microsoft shutting down LinkedIn app in China amid scrutiny WACH

October 15, 2021

Trapped in lockdown, Shanghai residents turn to WeChat groups for food

April 11, 2022
  • Contact Us
  • About Us
  • Corrections and Disclosure
  • Privacy Policy
  • Terms & Conditions
Menu
  • Contact Us
  • About Us
  • Corrections and Disclosure
  • Privacy Policy
  • Terms & Conditions
© 2022 ChinaTechNews.com. A Service of Asia Media Network.
Twitter
Posting....