The coffee chain said this will benefit over 10,000 parents. China represents is largest and second-fastest growing market.
“Culturally, parents play an important role in the lives and career choices of our Chinese partners and they are a natural extension of our Starbucks family in China. Through this new investment, we are stepping up on our responsibility to help our partners take care of their aging parents by alleviating the financial costs that may arise during a family emergency,” added Belinda Wong, Starbucks China CEO.
Parents bust be below 75 years old to qualify for the program, said Starbucks. It added that other conditions may also apply, based on pre-existing health requirements stipulated by the insurance coverage provider. It will cover the medical treatment of 30 common critical illnesses among the elderly in China.
The initiative was formed to complement the current China Social Medical Insurance Program.
“The active participation by the private sector is critical to China’s efforts to further enhance the social security system to support our aging population. Starbucks has responded positively to the Government's call to elevate the commercial health insurance industry, our social security network and to promote a ‘Healthy China’," said Jiang Chongguang, Deputy Secretary-General of the Insurance Society of China.
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Starbucks in Mainland China will begin offering a critical illness insurance plan for parents of eligible full-time employees starting 1 June, the company announced last Tuesday.