China refunds 12.9B yuan of unemployment insurance

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China has refunded a total of 12.9 billion yuan (about 1.92 billion U.S. dollars) of unemployment insurance paid by enterprises in the first five months of 2022, in a bid to maintain employment stability.

During the period, about 2.73 million enterprises have received the refund, benefiting about 51.89 million people, data from the Ministry of Human Resources and Social Security showed Thursday.

Smaller firms are among the beneficiaries, the ministry said, noting that the funds have helped these enterprises reduce the personnel costs, ease the business pressures and stabilize the employment.

The ministry will guide local departments to smooth application channels for firms and streamline the application process, ensuring the maximum number of people benefit from the policy incentives.