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China Records Urban Unemployment Ratio of 4%

China had a registered unemployed population of 8.25 million in urban areas at the end of the first quarter of this year, according to latest data the ministry of human resources and social security released on Monday.

The ministry said the nation's urban registered unemployment ratio was 4.0 percent at the end of the quarter.

Between January and March, 3.03 million urbanites found a job nationwide, or 30 percent of the annual goal of 10 million. Meanwhile, 1.28 million layoffs were re-employed, or 26 percent of the annual target of 5 million.

The three months also saw 204.7 billion yuan (US$29.2 billion) gained on China's basic pension fund, a growth of 31.9 percent on the same period of last year.

The total included 60.1 billion yuan gained on basic medical insurance fund, up 34 percent, 11.6 billion yuan on unemployment insurance fund, up 23.1 percent, 4.5 billion yuan on work injury insurance fund, up 45.8 percent, and 2.4 billion yuan on maternity insurance fund, up 47.2 percent.

The national basic pension fund covered 205 million people at the end of March, an increment of 3.32 million over the level at the end of last year.

The total included 234 million people covered by basic medical insurance, up 10.61 million, 118 million covered by unemployment insurance, up 1.07 million, 124 million by work injury insurance, up 2.32 million, and 79.88 million by maternity insurance, up 2.13 million.

The ministry added that at the end of March, 40.88 million migrant workers were covered by work injury insurance nationwide, up 1.22 million from the end of last year, and 33.61 million migrant workers by the basic medical insurance, up 2.3 million.

(China Daily April 28, 2008)

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