BEIJING — China will lower or waive employers' contribution to the old-age pension, unemployment and workplace safety insurance schemes to help them tide over the novel coronavirus outbreak.

Companies of all types in Hubei province, the hardest-hit region, as well as micro, small and medium-sized enterprises elsewhere, will be eligible for a waiver of the above-mentioned contributions from February to June, said You Jun, vice-minister of human resources and social security, at a news briefing on Feb 20.

Large companies will see their contributions halved from February to April.

The reduced contributions to social security premiums are expected to top 500 billion yuan (about $71.4 billion), according to You.

Employers can also apply for deferring their payments to the housing provident fund due before the end of June, according to the Ministry of Housing and Urban-Rural Development.

Meanwhile, failure to repay housing provident fund loans by employees affected by the epidemic will not be taken as a default.