China extends unemployment insurance policies to stabilize employment

BEIJING, July 2 (Xinhua) -- China has extended a raft of unemployment insurance policies through the end of 2026 to help businesses retain jobs, encourage the hiring of young workers, and upgrade workforce skills, according to a circular jointly issued by the Ministry of Human Resources and Social Security and three other departments.

Under the extended job retention refund program, companies that avoid or minimize layoffs will continue to receive refunds for unemployment insurance premiums paid in the previous year.

The one-time job expansion subsidy has been extended through 2026. Enterprises and social organizations that hire recent college graduates or registered unemployed youth aged 16 to 24 will receive a per-head subsidy for each new recruit.

The skills-upgrading subsidy, extended through 2026, now covers more workers with broader eligibility.

The circular also urges strengthened fund risk management and continued delivery of basic living allowances, including unemployment benefits and medical insurance coverage.