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China boosts employment with major cut in social insurance contributions

China Boosts Employment with A Significant Cut in Social Insurance Contributions

BEIJING – China slashed social security contributions paid by companies amid efforts to boost the COVID-19 affected labor market, officials said Tuesday.
From February to June, employers saw a decrease of 576.9 billion yuan (approximately 82.6 billion US dollars) in insurance payments related to old age, unemployment and work-related injuries, said Zhang Ying, an official of the Ministry of Human and Social Resources Security.
Besides, insurance premiums worth 63.6 billion yuan were returned to companies to help them keep payrolls stable, while labor subsidies worth 40.5 billion yuan were awarded, Zhang said.
Nie Mingjun, a ministry official in charge of the pension fund, said the total reduction in premiums is expected to reach 1.9 trillion yuan in 2020.
“The cut will not be on an unprecedented scale,” Nie said.
“It will be essential to help companies overcome difficulties and ensure greater stability and expansion of employment.”
According to the National Statistics Office, China’s surveyed unemployment rate in urban areas was 5.7 percent in June, 0.2 percentage point lower than in May.
A total of 5.64 million new urban jobs were created in the first half of 2020, reaching 62.7 percent of the annual target.
“Employment is constantly recovering, thanks to effective control of the COVID-19 epidemic, steady progress in resuming business and work, as well as a warmer economy,” said Zhang.
According to a government job report, China this year aims to add more than 9 million new urban jobs and keep the surveyed urban unemployment rate at around 6 percent.
(Sahar News Monitoring Desk)

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