China to Intensify Policies to Stabilise Employment

The State Council executive meeting on 27 April resolved to intensify policies to keep payrolls stable and boost employment. Insurance policies intended to enable the early resumption of full-capacity production and temporarily defer premium payments for old-age and other insurance will be extended to micro, small and medium-sized enterprises and individually-owned businesses facing Covid-induced difficulties. The proportion of unemployment insurance premiums to be refunded to those firms that make no or minimal staff cuts will be increased to as high as 90%.