Micro Benefits to be Recognized at the G20 Summit for Improving the Livelihoods of China’s Factory Workers
Wednesday, October 31, 2012
SUZHOU, China, Oct 31, 2012 (BUSINESS WIRE) — In collaboration with the G20 Mexico Summit, Ashoka Changemakers(R) has named Micro Benefits one of five finalists in a worldwide social impact competition – the G2012 Mexico Financial Inclusion Challenge: Innovative Solutions for Unlocking Access. More than half the world’s population – some 2.7 billion adults – lack access to basic financial services such as affordable credit, savings and insurance products. The G20 nations and Ashoka Changemakers(R) organized the competition to identify “the world’s most innovative solutions that make valuable, affordable, secure, and comprehensive financial services accessible to underserved and excluded communities.” More than 257 organizations from 62 countries participated in the competition, and Micro Benefits is honored to represent China as a finalist at the event.
Micro Benefits provides affordable employee benefits to China’s working poor. The Micro Benefits platform includes products such as low-interest short-term loans, low-cost insurance, high-quality educational programs for skill development and career advancement, and discounts for food and other daily necessities – all previously unavailable to China’s low wage employees.
More than 300 million blue-collar and migrant workers in China make an average of $400 USD per month. These low-wage earners have little access to credit, insurance, or education. In search of marginally better wages and working conditions, China’s front-line workers frequently change jobs. In turn, employers facing high employee-turnover and wage-inflation pressures, struggle to provide competitive salaries and employee benefits that increase employee retention and satisfaction. Micro Benefits’ innovative and technology-driven platform meets the needs of both employers and their workers. “Not only are we expanding the safety-net and purchasing power of front-line workers,” says Micro Benefits CEO Tyler Lyman, “but our employer-partners have witnessed a reduction in turnover and improved recruiting efforts because their employees are happier.”