In a bid to energize its job market, China has announced an extension of key unemployment insurance policies through 2025. This move is designed to help companies retain talent while giving workers the chance to upgrade their skills — a win-win situation! 🚀
The circular, jointly issued by the Ministry of Human Resources and Social Security, the Ministry of Finance, and the State Taxation Administration, outlines measures that allow companies avoiding layoffs to receive refunds on a percentage of the unemployment insurance premiums paid in the previous year.
To further support personal growth, the policy also relaxes eligibility criteria and expands coverage for skills-upgrading subsidies. Think of it as hitting the ultimate 'level up' button in your favorite video game — keeping you ahead in an ever-changing job market. 🎮
Basic living allowances remain in place with continued provisions for unemployment benefits, essential medical insurance, and support for older unemployed individuals. These protections are designed to offer a sturdy safety net for everyone.
With an ambitious target of maintaining the surveyed urban unemployment rate at around 5.5% in 2025 and creating over 12 million new urban jobs this year (after a promising 5.3% rate in the first quarter), China is clearly committed to long-term job market stability and growth.
This extended policy framework not only secures current employment but also encourages continuous learning and skills enhancement, a crucial asset in today's global economy.
Reference(s):
China prolongs policies to keep job market stable, enhance skills
cgtn.com
