China to cut social security contributions
China will cut the share of enterprise contributions to urban workers’ basic aged-care insurance from 20 to 16 percent starting May 1, the State Council announced Thursday.
Cutting the rates for unemployment and work-related injury insurance will be extended to April 30, 2020, You Jun, vice-minister of human resources and social security, said at a State Council Information Office news conference.
The new policies will cut aged-care insurance fees by more than 190 billion yuan ($28.3 billion) and unemployment and work-related injury insurance by more than 110 billion yuan by the end of 2019, You said.
Read more @Ecns
