Taizhou offers incentive for enterprises to stabilize employment

chinadaily.com.cn | Updated: 2022-01-27

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A workshop in Taizhou, East China's Zhejiang province. [Photo/taizhou.com.cn]

Enterprises in Taizhou in East China's Zhejiang province are now eligible to apply for certain benefits if they retain workers.

According to relevant regulations, all or part of unemployment insurance premiums paid in the previous year by employers in the city will be returned to the employer if they don't lay off too many workers.

Specifically, 30 percent of premiums will be given back to large-scale enterprises on the condition that they keep the layoff rate below 6 percent in the previous year.

For micro, small and medium-sized enterprises, the refunding proportion is raised to 60 percent.

All premiums will be returned to employers with 30 or less insured employees and a layoff rate of six percent or less.

From 2015 to 2021, 590 million yuan ($90.77 million) in unemployment insurance was granted to 77,000 enterprises in Taizhou, official data show.

The policy has effectively stabilized local employment. The registered urban unemployment rate was 1.08 percent in Taizhou last year.