Demolition Compensation of 1.5 Billion Won After Closure
Media Assistance Requested to Locate Former Employees Eligible for Payment
A Chinese company representative has become a topic of conversation for sharing compensation of 1.5 billion won received more than 20 years after the business closed due to economic difficulties with over 400 former employees who worked together in the past.
On the 20th (local time), Hong Kong's South China Morning Post (SCMP) reported the story of Guo Chongzhi (70), who established and operated the Chongqing General Valve Factory in China in 1971 but closed the factory in 2000 due to worsening economic conditions. According to the report, the factory building was demolished in 2018 following the city's land acquisition plan, and in March last year, Mr. Guo received 7.7 million yuan (approximately 1.47 billion won) as demolition compensation.
Guo Chongji (70), the CEO who shared compensation with the employees of a factory that closed 20 years ago. [Photo by SCMP website capture]
Mr. Guo decided to share this compensation with over 400 former employees who had worked at the factory. He believed that anyone who had worked at the factory deserved to receive their share. This included retirees, those who had resigned, and even the families of employees who had passed away in the meantime. Employees who worked until just before the factory closure received 65% each, those who left earlier received 35%, and the detailed amounts were recalculated according to each individual's length of service.
Since more than 20 years had passed since the factory closed, it was not easy to find employees who had resigned or passed away. However, through sincere efforts such as posting missing person notices in the local community and contacting the police for contact information, he searched for the employees and finally delivered compensation to 371 out of 406 eligible recipients.
Among the employees who received the compensation was a patient battling terminal cancer. The patient's child said, "We delivered the compensation to my mother, who was lying in a hospital bed unable to speak due to cancer treatment. She passed away a few days after receiving the compensation. Our family is truly grateful to Mr. Guo."
Mr. Guo is currently seeking help from local media to find the remaining 35 people who have not yet received compensation. He stated, "I am ready to pay the money to the employees. I am just waiting for them to come, sign, and receive it."
Mr. Guo's actions have drawn positive responses on local social networking services (SNS). Netizens commented, "He is a respectable representative," and "It's touching that he is still looking for them after several decades."
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