New policies to incentivize employment

Stronger financial measures unveiled to encourage the hiring of job seekers

The State Council, China's Cabinet, unveiled a batch of new policies on Wednesday to further promote employment and keep the country steered toward its economic goals, with an aim to stabilize the job market and bolster high-quality economic development.

According to a notice about the policies released by the State Council, a series of stronger financial incentives for employers, such as reimbursing them a higher proportion of unemployment insurance payments, will be offered if they meet certain standards.

Employers having trouble keeping their businesses afloat can apply to defer their payments into the pension, unemployment and work-related injury insurance programs. No late fees will be charged during the deferment periods.