China Everbright Bank Migrant Worker Wage Financial Services Escort for Enterprises and People

A power construction company in Shenzhen successfully won a bid for a project involving civil engineering of power facilities. According to requirements, the company must pay a 2% labor guarantee deposit of the contract amount within 7 days of signing the contract before entering the site. However, as a small micro-enterprise with limited assets, paying the full deposit with its own funds could impact cash flow for key activities like material procurement and equipment leasing, potentially causing project delays and affecting timely and full payment of workers’ wages. The company’s leadership was once deeply troubled by this.

After learning of the company’s difficulties, Everbright Bank Shenzhen Branch tailored a solution using a split-style electronic labor wage guarantee letter. This not only addressed the company’s credit needs but also used the split guarantee letter to issue a labor wage guarantee to the local human resources and social security department, replacing the full deposit owed by the company. Notably, through direct system integration with guarantee companies, the bank enabled the company to complete the entire process—from application to issuance—online within one business day. The company’s leader sincerely said, “Everbright Bank’s split electronic guarantee not only helped us free up funds but also built a good reputation with our workers. We are more confident in recruiting and retaining workers, and project progress has become smoother.”

For a long time, the Party and the state have attached great importance to protecting workers’ wage rights. The Fourth Plenary Session of the 20th Central Committee emphasized strengthening efforts to address wage arrears, improving basic public services, and making the resolution of urgent, difficult, and anxious issues for the masses a key task.

China Everbright Bank has always upheld the political and people-oriented nature of financial work. In 2020, it launched the “Sunshine Salary” financial service for migrant workers’ wages, focusing on ensuring timely and full payment of wages through a comprehensive, one-stop financial service chain covering all aspects of wage issuance, collection, withdrawal, and usage.

To date, at the source of wage payment, the bank has provided guarantees exceeding 14 billion yuan, effectively solving cash flow issues for over a thousand employing companies. At the wage disbursement end, the bank has facilitated wage payments for over 400,000 workers from contracted companies, totaling more than 30 billion yuan, ensuring timely delivery of wages.

Additionally, the bank has actively connected with local government departments through the construction of big data management platforms for labor employment, opening new avenues for government-bank cooperation via platform integration, direct business channels, and data sharing, jointly building a “wage protection network” for migrant workers’ rights.

The “Qianxian Bao” labor employment big data platform, led by the Guizhou Provincial Department of Human Resources and Social Security, is a digital regulatory platform. Everbright Bank Guizhou Branch successfully obtained access to this platform. Through interconnection between the bank’s system and the big data platform, human resources departments can accurately push project information requiring migrant worker wage guarantee letters based on company applications. After verification, the bank can issue the guarantee letter and disclose its information via the platform. In case of subsequent claims, the human resources department, as the beneficiary, can directly push claim details and migrant worker payment accounts to the bank through the platform. The bank then disburses compensation directly to the workers’ accounts, significantly shortening payout times and improving efficiency.

The Party’s “14th Five-Year Plan” proposal emphasizes strengthening inclusive, foundational, and bottom-line social welfare projects to address urgent, difficult, and anxious issues for the people. Everbright Bank will take safeguarding migrant workers’ legal rights as an entry point and breakthrough, continuously leveraging its transaction banking products and services, and empowering technology to promote the steady and far-reaching development of the “Sunshine Salary” migrant worker wage financial services. The bank aims to enhance core product competitiveness and comprehensive service capabilities, contributing to further improving the people’s sense of gain, happiness, and security.