BEIJING (Reuters) – China’s state council, the cabinet, on Wednesday said that the government will offer financial help to struggling companies that keep staff on payrolls in a time of increasing economic headwinds.
For firms that choose not to cut staff or reduce the number of job cuts they are planning next year, the government will return half of their unemployment insurance fees, the state council said in a statement on its website.
Government - Country - Attention - Impact - Employment
The government also urged the country to pay “high attention” to the impact on employment from increasing economic downward pressure.
Beijing will also provide subsidies to out-of-job workers who are undergoing job training, the state council added.
November - China - Steps - Employment - Measures
In early November, China flagged that it would take “targeted” steps to promote employment, but it did not specify measures would be tied to job retention.
Facing cooling economic growth, Chinese officials have pledged in recent months to reduce companies’ tax burdens in various ways, including cuts in social security contributions, to support business growth, profitability and employment.
Factory - Surveys - Period - Job - Cutting
Both official and private factory surveys have pointed to a prolonged period of job cutting...
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