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Investing.com -- China announced new measures on Wednesday to stabilize employment as the country continues to face challenges from its prolonged trade war with the United States.
The package includes expanded social insurance subsidies, special loans, and targeted support for young job seekers, according to a notice issued by China’s State Council.
Local governments in some regions will increase unemployment insurance refund rates for small firms to a maximum of 90% from the previous 60%. Large firms will see their refund rates rise to 50% from 30%.
Companies experiencing operational difficulties may apply to defer their contributions to pension, unemployment, and work injury insurance programs, the cabinet stated.
The State Council emphasized that "local governments and departments must take political responsibility for stabilising employment, track policy implementation, and introduce new measures promptly."
The government also announced it would implement additional policies as needed based on changes in the employment situation.
Firms that hire unemployed youth aged 16-24 under contracts and pay full insurance for at least three months may receive a one-time subsidy of up to 1,500 yuan ($209) per person.
The measures also call for local governments to expand access to vocational education by allowing unemployed youth and migrant workers to enroll in technical schools with relaxed age restrictions.
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