By tf-lawyer.com On October 25, the Ministry of Human Resources and Social Security held a press conference to discuss the unemployment insurance measures implemented in the third quarter of 2024. During the event, Liu Peng, the Deputy Director of the Unemployment Insurance Department, outlined the steps taken this year to enhance the role of unemployment insurance in safeguarding livelihoods, preventing job loss, and promoting employment. He detailed five major initiatives.
Firstly, the government has maintained a temporary reduction in the unemployment insurance premium rate to 1%. From January to September, a comprehensive system was put in place to streamline the process, allowing for pre-set contribution rates. This “direct and immediate” approach has resulted in a reduction of unemployment insurance fees amounting to 130.9 billion yuan, effectively lowering the employment costs for businesses.
Secondly, there is ongoing support for companies to stabilize their workforce. The government has continued its policy of reimbursing insured enterprises that do not lay off workers or minimize layoffs. The scope of fund utilization has been broadened to include not only employee living subsidies, social insurance premium payments, and training programs but also to specifically help with lowering production and operational costs. From January to September, 2.04 billion yuan was disbursed to 2.66 million enterprises that met the criteria, benefiting over 56 million workers and effectively supporting job stability.
Thirdly, targeted support for youth employment has been implemented. Companies that hire recent graduates or unemployed youth aged 16 to 24, while signing labor contracts and making social insurance payments, can receive a one-time expansion subsidy of up to 1,500 yuan for each new hire. This year, 900 million yuan has been granted to 170,000 businesses, assisting around 620,000 young graduates.
Fourthly, there are efforts to help workers enhance their skills. For employees who have contributed for a year and obtained relevant vocational qualifications or skill certification, skill improvement subsidies of up to 2,000 yuan are available. From January to September, 3.6 billion yuan has been distributed to 2.19 million workers, significantly boosting their employability.
Lastly, the Ministry has focused on ensuring the timely and full disbursement of unemployment insurance benefits. Local administrations have continued actions to make the process of receiving benefits smooth and secure. In the first nine months, 86.4 billion yuan was spent ensuring that eligible unemployed individuals received their unemployment benefits, along with premiums for basic medical and maternity insurance, and temporary price allowances.
Liu Peng stated that the Ministry will continue to ensure the effective implementation of support policies for businesses and will work with relevant departments to explore follow-up arrangements for soon-to-expire temporary policies.
