The Lin-gang Special Area – located in East China's Shanghai city – on Feb 22 launched an enterprise annuity program, in a bid to increase its appeal and lure new high-quality people to work and live in the area.

The introduction of an enterprise annuity is regarded as being an extra enticement for prospective new hires, which will boost the employment packages of new hires. It is a supplemental retirement savings program, that is in addition to the primary endowment insurance which resident companies and staff join by law.

The initiative is the first region-wide talent enterprise annuity implemented in China. It is expected that it will further strengthen the mid and long-term incentives for talent to come there – and bolster the attractions, cohesion and competitiveness of personnel in Lin-gang.

The Lin-gang Special Area was given the green light for the talent enterprise annuity, under to a guideline issued by six Shanghai government departments on Nov 24.

The scheme will be geared to those whose company hasn't established an enterprise annuity.

Since its establishment in 2019, the Lin-gang Special Area has attracted a total of 19,800 people to settle there, including 13,000 during last year alone – three times the number in 2020.

The Lin-gang Special Area holds a launch ceremony for its enterprise annuity program on Feb 22. [Photo/WeChat account: shlgguanweihui]