Text Version
RSS Feeds
Newsletter
Home Forum Photos Features Newsletter Archive Employment
About US Help Site Map
SEARCH   About US FAQ Site Map Site News
  SERVICES
  -Text Version
  -RSS Feeds
  -Newsletter
  -News Archive
  -Give us feedback
  -Voices of Readers
  -Online community
  -China Biz info
  What's new
 -
 -
Social insurance rates slashed
+ -
08:38, December 25, 2008

 Comment  Tell A Friend
 Print Format  Save Article
Authorities in Beijing yesterday announced a 9.7 billion yuan ($1.4 billion) social insurance package, expected to help local firms and individuals cope with the current global financial crisis.

Social insurance payment rates will be reduced for both enterprises as well as individuals in the city, easing their burden by about 5 billion yuan, Zhang Xinping, chief of the Beijing municipal labor and social security bureau, said.

At the same time, the city will invest an added 4.7 billion yuan in the social security fund," he said.

By helping enterprises get through these hard times, the city will respond better to the crisis, he said.

Starting January, the unemployment insurance rate for businesses will be reduced from 1.5 percent to 0.5 percent, and from 1 percent to 0.2 percent for individuals, it was announced.

While further announcing a cut in the work injury insurance rate from 0.59 percent to 0.48 percent, Zhang said similar adjustments will also be made in migrant workers' medical insurance and the minimum level of endowment insurance in Beijing.

"These policies will benefit all enterprises based in Beijing as well as their employees," he told reporters at a press briefing.

Chen Lu, director of the labor and salary department of the Shougang Group, said the policies will help 67,000 of the company's employees who pay their insurance in the capital.

"We are going to save 30 million yuan, which is a third of the total insurance fees for this year," he said.

"The new measures will help the company hire more staff, without cutting salaries," Chen added.

Beijing is now leading the country in establishing a social insurance system that aims to cover all its residents.

"Endowment insurance, for example, has covered more than 10 million Beijing citizens, 84 percent of the 12.2 million registered population, compared with merely 200 million of the country's total 1.3 billion," he said.

Yang Yong, vice-director of the social security department of the Beijing municipal finance bureau, said it spent nearly 30 billion yuan - 18 percent of total finance expenditure on the sector - last year.

"This year the total investment is expected to be 34 billion yuan."

Source: China Daily



  Your Message:   Most Commented:
China postpones summit with EU due to French leader's planned meeting with Dalai Lama 
China lodges strong protest to France over Dalai Lama meeting
Behind scene of "Bush shoes attack"
Russia, Venezuela to hold joint naval maneuvers
Robert Pattinson likes mad, mental, strong women

|About Peopledaily.com.cn | Advertise on site | Contact us | Site map | Job offer|
Copyright by People's Daily Online, All Rights Reserved

http://english.people.com.cn/90001/6561560.pdf