China will take a series of specific measures to stabilize employment, an official with the Ministry of Human Resources and Social Security (MOHRSS) told Party news portal the People’s Daily.
The measures aim to reduce the burden on employers to offer job security, said the unnamed official, adding the ministry is speeding up planning to reduce the social insurance premium rate.
Insured enterprises that do not lay off employees will be eligible for a 50 percent deduction on unemployment insurance premiums paid in the previous year, the MOHRSS official said.
The ministry will increase secured business startup loan amounts from 100,000 yuan (US$14,757) to 150,000 yuan (US$22,136), and small- and micro-sized enterprises can borrow loans of up to three million yuan (US$442,000).
There will be targeted measures to help new university graduates, migrant workers and ex-servicemen seeking to start businesses. The government will develop large-scale vocational training.
The MOHRSS said they will also increase employment assistance to families in need, provide social security for workers who lose their jobs, and protect the rights and interests of workers.
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