Shanghai's Baoshan district introduced the city's first industrial park-level enterprise annuity program of 2025 at the Shanghai Industrial Park of Robotics on July 4.

"We are growing fast and retaining core talent such as senior R&D engineers and technical leads is a top priority," said an executive of a local robotics company. "This enterprise annuity provides us with a new way to keep our top people on board."

The program seeks to secure long-term commitment from core talent and reduce the hidden costs of frequent hiring and retraining.

At the launch event, five companies signed letters of intent to join the annuity program.

What makes this initiative stand out is its flexibility.

Companies are not required to cover all employees at once. They can start with a selected group of key staff aligned with their strategic goals and gradually expand coverage based on actual operational needs as their business grows and conditions permit.

One executive noted that companies can choose eligible employees and set their own contribution rates. The upper limit is capped at eight percent of an employee's total salary.

Additionally, the whole process has been streamlined.

Once the industrial park is registered with the city's human resources and social security authority, companies only need to submit an application to the park. No multiple layers of approval are required. After the bank account is set up, contributions can be handled entirely online — no paperwork, no extra trips.

Source: Shanghai Observer