SHANGHAI, Nov. 25, 2021 /PRNewswire/ -- Yum China Holdings,
Inc. (the "Company" or "Yum China", NYSE: YUMC and HKEX: 9987)
announced at its 2021 Restaurant General Managers ("RGMs")
Convention, held virtually, that it will offer enhanced medical
insurance coverage of up to RMB 1
million to each of its approximately 10,000 RGMs. The
Company will also increase critical illness insurance coverage for
family members of qualified RGMs to RMB
200,000. As one of the most extensive employee benefits
plans in the industry in terms of number of people covered, the
newly upgraded benefits will be implemented from January 2022 and will build on existing
initiatives including equity incentives, family insurance and
The Company is also upgrading its "Family Care Fund" plan for
the restaurant management team (RMT) and restaurant service team
leaders, increasing critical illness insurance coverage under the
plan to RMB 150,000, while offering
access to certain expedited medical services for eligible employees
and their family members. The newly upgraded benefits are expected
to cover more than 60,000 RMT employees and their family members,
as well as 26,000 restaurant service team leaders, helping them
mitigate the financial risks brought about by critical
"The Company is extremely grateful to our restaurant managers
for their diligence and agility on the front lines of our
restaurants, particularly while navigating the challenges of
Covid-19. Thanks to their dedication, Yum China has been able to
provide customers with uninterrupted access to meals and excellent
service while also supporting the community through trying times,"
said Joey Wat, CEO of Yum China.
"Employee satisfaction is the key to customer satisfaction.
Therefore, it is the responsibility of our company to create a
working environment for employees guided by our principle of Fair,
Care and Pride, as well as taking steps to protect their
Yum China has always adhered to a "people-first" philosophy,
ensuring that the health and wellbeing of employees is the
Company's top priority. Additionally, the Company continues to
increase investment in protecting the health of employees and their
families. The upgraded medical insurance package for RGMs covers a
wide range of mild and severe diseases, providing greater support
against the challenge of high medical expenses.
In 2018, Yum China launched the "Family Care Program" for RGMs.
In 2020, the Company launched the "Family Care Fund" for RMT
employees, which entitles them to additional coverage for critical
illness for their parents as well as additional accident insurance
coverage for their children and spouses. 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. In December 2020, the fund was extended to also
provide critical illness coverage to restaurant service team
The newly announced benefits upgrade is the latest manifestation
of Yum China's long-standing commitment to its RGM No.1 corporate
culture. The Company believes that RGMs are the most important
leaders at Yum China and play a key role in the Company's long-term
success. Yum China not only provides employees with competitive
salaries and benefits, but also ensures that employees share in the
Company's success. After becoming an independently listed company
in 2016, Yum China announced that it would award RSUs valued at
US$2,000 to every qualified RGM.
Following its secondary listing in Hong
Kong in 2020, the Company awarded additional RSUs valued at
US$3,000 to eligible RGMs. Up to now,
a total of 14,000 RGMs have received RSUs.
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. We intend all
forward-looking statements to be covered by the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements generally can be identified by the fact
that they do not relate strictly to historical or current facts and
by the use of forward-looking words such as "expect,"
"expectation," "believe," "anticipate," "may," "could," "intend,"
"belief," "aim," "plan," "estimate," "target," "predict,"
"project," "likely," "will," "continue," "should," "forecast,"
"outlook," "look forward to" or similar terminology. These
statements are based on current estimates and assumptions made by
us in light of our experience and perception of historical trends,
current conditions and expected future developments, as well as
other factors that we believe are appropriate and reasonable under
the circumstances, but there can be no assurance that such
estimates and assumptions will prove to be correct. Forward-looking
statements are not guarantees of performance and are inherently
subject to known and unknown risks and uncertainties that are
difficult to predict and could cause our actual results or events
to differ materially from those indicated by those statements. We
cannot assure you that any of our expectations, estimates or
assumptions will be achieved. The forward-looking statements
included in this press release are only made as of the date of this
press release, and we disclaim any obligation to publicly update
any forward-looking statement to reflect subsequent events or
circumstances, except as required by law. All forward-looking
statements should be evaluated with the understanding of their
inherent uncertainty. You should consult our filings with the
Securities and Exchange Commission (including the information set
forth under the captions "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations " in our Annual Report on Form 10-K and subsequent
Quarterly Reports on Form 10-Q) for additional detail about factors
that could affect our financial and other results.
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, Huang Ji Huang, East
Dawning and COFFii & JOY concepts outright. In addition, Yum
China has partnered with Lavazza to explore and develop the Lavazza
coffee shop concept in China. The
Company had 11,415 restaurants in over 1,600 cities at the end of
September 2021. Yum China ranked #
363 on the Fortune 500 list and was named to TIME100 Most
Influential Companies list in 2021. Yum China has been selected as
member of both Dow Jones Sustainability Indices (DJSI): World Index
and Emerging Market Index. In 2021, Yum China was named to the
Bloomberg Gender-Equality Index and was certified as a Top Employer
2021 in China by the Top Employers
Institute, both for the third consecutive year. For more
information, please visit http://ir.yumchina.com.
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SOURCE Yum China Holdings Inc.