Beijing expects to save companies 70 billion yuan in insurance fees


File photo: CGTN

Beijing expects to save companies about 70 billion yuan (US$9.9 billion) through the reduction and exemption of social insurance payments and increasing the amount of unemployment insurance premium refunds, an official said on the city's regular press conference on epidemic prevention and control on Monday.

He Rui, deputy director of the Beijing Municipal Human Resources and Social Security Bureau, said the city has issued various policies to help companies stabilize employment since the coronavirus outbreak.

The city also issued nine measures recently to offer targeted support to micro-, small-, and medium-sized companies, he said.

In terms of stabilizing employment, enterprises that have had no layoffs or minimized their layoffs will be refunded half of their unemployment insurance premiums, and SMEs will receive full refunds. For SMEs with difficulties in resuming production and operation but still able to revive business, an unemployment premium of 9,906 yuan will be returned per employee.

In addition, Beijing is also encouraging SMEs to step up staff training and increase their talent pool in response to the outbreak and improve their competitiveness in the future. For companies in major sectors such as scientific innovation, urban management, and service, the government will offer subsidies of up to 4,540 yuan for every worker that takes part in skill training.