SHANGHAI, Feb. 5, 2020 /PRNewswire/ -- Yum China Holdings, Inc. (the "Company" or "Yum China") (NYSE: YUMC) today announced the launch of a family care program, by establishing the "Restaurant Management Team (RMT) Family Care Fund". The program is designed to provide additional health protection for family members of restaurant management employees. The new scheme will start in July 2020 and cover an estimated 86,000 parents, spouses and children of more than 31,000 RMT employees.
On top of the existing commercial insurance, RMT members will be entitled to additional coverage for critical illness for their parents as well as additional accident coverage for their children and spouse. The scheme also offers express medical treatment for their parents in selected hospitals.
"In 2018, Yum China launched the Restaurant General Manager (RGM) Family Care Program, which was greatly appreciated by our RGMs and their families. Since then we have been exploring ways to offer a similar program for RMT members who are sometimes required to take on the extreme burden of caring for their families when faced with unfortunate events. The establishment of this plan further reinforces our commitment to being a supportive and caring employer," said Joey Wat, CEO of Yum China.
RMT members can participate in the scheme on a voluntary basis with only a small contribution to the fund every year. The bulk of the remaining cost will be borne by the Company. This scheme goes beyond others in the market by increasing the age cap to 75 years for employees' parents and 22 years for their children.
"The health and safety of our employees is our top priority, particularly given the current challenging circumstances caused by coronavirus. I am grateful to all of our employees who continue to work diligently and heroically despite the current difficulties. Yum China is committed to caring for and protecting our employees and their families and showing our sincere appreciation for their on-going sense of dedication and responsibility," added Joey Wat.
CEO of Yum China, Joey Wat with staff at KFC and Pizza Hut stores
"The launch of the RMT Family Care Fund aims to provide restaurant management employees with the practical support that they need," said Aiken Yuen, Chief People Officer of Yum China. "Over 90% of our RMT members were born in the 80's or 90's. They are the future of Yum China and the society as a whole. We hope that everyone will be proud of their career growth and professional achievement as an employee of Yum China that aspires to be the world's most innovative pioneer in the restaurant industry."
The secret to Yum China's success and leading position in the industry lies in the comprehensive training and development programs and the competitive total reward structure offered to the employees.
This latest employee care initiative comes soon after Yum China was named a Top Employer China by the Top Employers Institute for the second consecutive year. These recent developments reinforce the Company's dedication to providing exceptional working conditions through progressive 'People First' HR practices.
About Yum China Holdings, Inc.
Yum China Holdings, Inc. is a licensee of Yum! Brands in mainland China. It has exclusive rights in mainland China to KFC, China's leading quick-service restaurant brand, Pizza Hut, the leading casual dining restaurant brand in China, and Taco Bell, a California-based restaurant chain serving innovative Mexican-inspired food. Yum China also owns the Little Sheep, East Dawning and COFFii & JOY concepts outright. The Company had more than 8,900 restaurants in over 1,300 cities at the end of September 2019. Yum China ranked # 362 on the Fortune 500 list in 2019. In 2020, Yum China was named to the Bloomberg Gender-Equality Index and was certified as a Top Employer 2020 in China by the Top Employers Institute, both for the second consecutive year. For more information, please visit http://ir.yumchina.com.
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