Factory owner in China distributes S$1.3M demolition payout to former workers
In an exceptional act of generosity, a former factory owner in Chongqing, China intends to distribute nearly US$1 million (S$1.3 million) to more than 400 former workers of his former factory.
According to South China Morning Post (SCMP), 70-year-old Guo Chongzhi, the former director of the Chongqing General Valve Factory, received this significant payout after his company’s building was demolished in 2018 for city redevelopment.
His company had in fact shut down earlier in 2000 due to economic difficulties.
Source: Baidu on New Straits Times
Payout divided among former employees, alive or dead
Originally established in 1971, the factory was once a major employer in the region with a workforce exceeding 400.
Mr Guo received the compensation in March last year after a prolonged settlement process that culminated 20 years post-closure.
Determined to do right by his former staff, Mr Guo decided that the compensation belonged to his former employees and decided to distribute the compensation not only to the surviving employees but also to those who had resigned and the families of deceased workers.
The payout was strategically divided, with 35% allocated to past employees and 65% to those employed until the end of operations.
Each share was further calculated based on the duration of an individual’s employment.
Successfully distributed funds to 371 former employees
The decision on how to allocate the funds was painstaking, with considerations for tenure and whether employees had retired, resigned, or were active until the end.
Locating them was another challenge.
According to SCMP, Mr Guo and his team utilised several methods to reach out to former colleagues, including community notices, assistance from the police, and appeals through various media channels.
One former employee who was terminally ill received the funds shortly before her passing.
“The money provided a great deal of comfort to my mother in her last days,” her son told local media.
As of now, Mr Guo has successfully distributed the funds to 371 employees. However, 35 individuals are yet to be found.
He is leveraging the media’s help to locate these former employees so they can claim their deserved share.
This extraordinary story has been met with widespread admiration online.
“It’s rare to see someone go to such lengths to ensure former colleagues are cared for, especially after so long,” one social media user wrote.
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Featured image adapted from Baidu on New Straits Times and Karolina Kaboompics on Pexels for illustrative purposes only.
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