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Social insurance contribution cuts for companies in China proved effective: official

Updated: Oct 28,2020 08:51 PM    Xinhua

BEIJING — Enterprises, especially those micro, small and medium-sized ones, have seen a cut in their social insurance contributions amid the country's efforts to help them tide over the COVID-19 epidemic, a Chinese official said on Oct 28.

By the end of September, about 11.3 million enterprises saw a decline of 910.7 billion yuan (about $135.53 billion) in insurance premiums related to old-age, unemployment and work-related injuries, said Nie Mingjun, an official with the Ministry of Human Resources and Social Security.

Meanwhile, 61.6 billion yuan of social insurance payments were allowed to be deferred, he said.

The social insurance premium rate has also been lowered, leading to companies saving 232.2 billion yuan.

Nie said reduced contributions to social security premiums are expected to amount to 1.6 trillion yuan this year.

"The cut is unprecedented in scale," Nie said. "It will be instrumental in helping enterprises rise above difficulties, and stabilize and expand employment."

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