Off the wire
Xinhua China news advisory -- June 3  • Garden festival kicks off in Ireland, attracts residents, visitors  • Venezuela sends aid to Cuba after tropical storm Alberto  • Venezuela prepares list of political opponents to be freed from jail  • JSE edges weaker as firmer South African rand pulls down mines  • JSE closes lower as U.S. dollar continues to gain  • JSE closes higher buoyed by banks and general retailers  • Microsoft eyes establishing software start-up in Turkey  • Chinese mainland claims 6 of world's top 100 universities in latest THE rankings  • U.S.-EU trade war could "devastate" Irish whiskey industry: IWA  
You are here:   News/

China to alleviate social security burden on employers

Xinhua,February 21, 2020 Adjust font size:

China will lower or waive employers' contribution to the old-age pension, unemployment and workplace safety insurance schemes to help them tide over the novel coronavirus outbreak.

Companies of all types in Hubei Province, the hardest-hit region, as well as micro, small and medium-sized enterprises elsewhere, will be eligible for a waiver of the above-mentioned contributions from February to June, said You Jun, vice minister of human resources and social security, at a news briefing Thursday.

Large companies will see their contributions halved from February to April.

The reduced contributions to social security premiums are expected to top 500 billion yuan (about 71.4 billion U.S. dollars), according to You.

Employers can also apply for deferring their payments to the housing provident fund due before the end of June, according to the Ministry of Housing and Urban-Rural Development.

Meanwhile, failure to repay housing provident fund loans by employees affected by the epidemic will not be taken as a default.