A Chinese company, Baoying Car and Transport, surprised by deciding to pay employees their wages of up to hundreds of dollars each in 1 yuan coins. As we know, one yuan equals 15 cents in USD. Definitely, change is not welcome in this case.
Local newspapers reported that employees were paid in bundles of 100 coins.
“Well, coins may also be money, but people get their pay transferred into the bank,” an anonymous employee told Jiangsu China. “It wasn’t very convenient.”
The company cleared 200,000 yuan coins that equal about 29,010 Dollars. The chair of employees’ union, Gu Fengyun said that the company had collected the coins in the rush during the spring festival.
The company had been unable to bank in the coins because it would have involved a lot of manpower and specialised equipment. It had been storing over 500,000 yuan ($72,525.78) in a warehouse.
If they decided to bank the coins, it would have been a huge time-consuming mess. The bank staff is required to count, pack, and disinfect the coins. “It’s not like they could just come in and dump them here, we still have to count the coins. Every time we receive coins, it’s like a war,” said the bank staff.
The company faced a backlash from the employees and ended up deciding that the employees could return the coins.
However, this scheme has left a lot of affected workers wondering how to spend the coins.