Reward for loyalty! Company offers ₹1.5 crore flats to employees after 5 years of service
An auto components firm has introduced an unusual incentive to draw and retain skilled employees — offering free apartments to those who stay with the company for at least five years.
A CHINESE auto components company is grabbing headlines after introducing an unusual incentive — offering an apartment to employees who stay with the firm for at least five years — to boost staff retention.
Zhejiang Guosheng Automobile Co Ltd, which manufactures automotive fasteners, has purchased 18 residential flats in proximity to its office. These homes will be awarded to employees as part of a long-term retention plan, according to a report by The Standard.
The company acquired the properties about two years ago, when real estate prices were lower than current levels. In total, the firm’s owner invested more than 10 million yuan (around ₹12.7 crore) to purchase the units.
A recent job listing by the Wenzhou-based company states that employees who complete five years of service will qualify to receive a flat. Zhejiang Guosheng currently employs around 450 people.
This year, five flats have been allotted. Two of the recipients reportedly worked their way up from junior roles to management positions. Employees who receive a flat are required to agree to continue with the company for another five years.
Wang Jiayuan, the company’s General Manager, said the initiative is aimed at rewarding and retaining capable professionals.
“This year, we’ve distributed five flats. Next year, we plan to allocate eight more, with a total of 18 planned over three years,” he told National Business Daily, as cited by South China Morning Post. “Our goal is straightforward: to attract exceptional talent and retain our core management team.”
Where are the flats located and how valuable are they?
All the apartments are within a five-kilometre radius of the company premises and measure between 100 and 150 square metres. In the area, second-hand homes are priced between 7,000 and 8,500 yuan (roughly US$990 to US$1,200) per square metre, placing the estimated value of each flat between ₹1.2 crore and ₹1.5 crore.
How does ownership get transferred to employees?
One employee couple has already been allotted a 144-square-metre flat. Workers must sign a housing agreement and move in once renovations are completed.
After completing five years of service, ownership of the property is formally transferred, with employees required to reimburse the company for renovation costs.
