(File photo: Chinanews.com)

Beijing (People's Daily) - Micro-, small- and medium-sized enterprises in Beijing can receive a monthly subsidy of nearly 3,000 yuan ($425) for recruiting the city’s college graduates, Director of the Beijing Municipal Human Resources and Social Security Bureau Xu Xi said on Saturday at a press conference.

Beijing on Friday introduced eight special policies aimed at promoting the employment of college graduates. To encourage micro-, small-, and medium-sized enterprises to absorb workers and encourage the employment of college graduates, Beijing has increased subsidies to help enterprises reduce labor costs, Xu added.

By hiring a Beijing’s college graduate, an enterprise could receive a subsidy of 1,162 yuan per month and nearly 14,000 yuan per year. In addition, enterprises could obtain a monthly subsidy of 1,760 yuan from work-relief funds for six months. In total, companies can receive a subsidy of nearly 3,000 yuan per month, Xu said.