Economic Contribution

Staff Development and Welfare

It is the conviction of Yip’s Chemical that personnel are an important factor in maintaining the competitiveness and vitality of a corporation. For this, it regards employees as its lifeblood and their training and caring are of crucial importance.

As a way to support staff training and development, the Group is offering Yip’s Management Training Programme (the “Programme”) to provide its management personnel with the necessary skills and knowledge to enhance their everyday work efficiency. At the same time, the Programme boosts management skills and functional knowledge commonly used by these personnel in order to support the long-term development of the Group’s businesses. These skills and knowledge are provided through four modules, namely the New Managers Module, the Core Management Competence Module, the Specialist Functions Module and the Leadership Module. In 2014, the Programme provided in total 2,848 hours of training in sales, target management, leadership, team building, time management and R&D skills to 393 employees of subsidiaries.

The Group is also active in organising training activities aimed at building and boosting team cohesion. In the year, 268 group and subsidiary staff participated for the first time in the Hangzhou International Marathon. Through various team building games and competitions, employees were able to strengthen communication among themselves and increased their sense of belonging to the Group.

The independently-run Yip’s Care Extension Foundation (the “Foundation”) was set up in 2011 by three founding shareholders of the Group through the donation of four million shares of Yip’s Chemical. It has since been independently managed by a management committee formed by professionals from different disciplines within the Group. In addition to helping the descendants of needy employees receive better and higher education, the Foundation also wants to offer more benefits to every retiring employee.

The scope of sponsorship covers full-time vocational secondary school and senior secondary school education as well as junior college and undergraduate programmes. Eligibility for both Hong Kong and mainland employees is that the salary of an applicant should not exceed 3.5 times the local minimum wage. In 2014, all mainland sponsorships were reckoned in RMB instead of Hong Kong dollars. With sponsorship amount figures remaining the same, this means that sponsorship level in the mainland has been raised by more than twenty percent.

In addition, the Foundation has added a retirement gratuity programme to recognise the contribution of retiring employees. The granting of retirement gratuity applies to all Group and subsidiary employees from Hong Kong and the mainland who have reached statutory retirement age and there is no service period restriction. The one-time payment is calculated by multiplying the qualified continuous years of service by a specific amount in RMB.

In 2014, the management committee approved 159 cases of regular applications for education sponsorship. Together with 12 cases arising from sudden changes in financial situations, the total sponsorship amount was about HK$792,000, up 30% from last year. In the year, a total of 13 employees from the Group and subsidiaries qualified for retirement gratuity and a total of RMB165,000 retirement gratuity was dispensed.