Insurance Payments Deferred for More Sectors

Four central authorities, including the Ministry of Human Resources, recently announced the temporary deferment of social insurance premium payments for more firms that have been hit hard by the pandemic.

Firms in 17 pandemichit industries, including auto manufacturing and general machinery manufacturing, will be allowed to defer the corporate shares of social insurance payments. Previously, this policy covered five sectors that were more exposed to the pandemic, namely catering, retail, tourism, civil aviation, and road, rail, and water transport.

These central authorities also called for moves to be made to stabilize employment, such as providing subsidies to firms that had been more seriously affected and offering allowances to enterprises that hire college graduates.