In an effort to reduce unemployment, China is offering tax breaks to companies hiring fresh graduates and people who have been out of work for some time, China Daily reported Tuesday, citing a finance ministry statement.
Businesses established by registered unemployed workers are entitled to a maximum annual tax cut of 9,600 yuan (US$1,560), the report said. The same incentive applies to companies set up by new graduates, people who have been out of work for over six months, those living on government aid, and members of zero-income families.
The move widens the coverage of previous employment measures that expired at the end of last year, with no restrictions on industries and simplified administrative procedures, according to the newspaper. The new policy will last until Dec. 31, 2016, it said.
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