Beijing plans to roll out a series of measures to maintain stable employment this year, Reuters reports, citing Chinese state media.
In order to ensure employment, the government will reduce the burden on companies, while accelerating study on plans to cut their social insurance premium rate, Xinhua news agency was quoted as saying in a report on Sunday, citing officials from China’s human resources ministry.
“Enterprises with fewer or zero layoffs can take half of the previous year’s unemployment insurance premium back,” Xinhua quoted an unnamed senior ministry official as saying, reiterating a policy that was flagged by the State Council, China’s cabinet, in December.
According to Xinhua, China’s urban unemployment rate was 3.8 percent by the end of 2018, with 13.61 million new jobs created in urban areas last year, up 100,000 from 2017.
In comments published on Saturday, Chinese Premier Li Keqiang said planned tax cuts targeting smaller companies would help support employment and economic stability.
“For 2019, China still faces large employment pressure, with more than 15 million newly-added job-seekers in urban areas, including a record number of 8.34 million college graduates expected,” Xinhua quoted its ministry source as saying.
College graduates, migrant rural workers and veterans should be given targeted assistance in finding jobs, the official said, adding that more skills training channels should be opened for the unemployed.
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