Home>Biz Updates

Financial relief measures extended to 12 more sectors

By Cheng Si| chinadaily.com.cn| Updated:  June 1, 2022 L M S


A cashier at a bank in Taiyuan, Shanxi province counts renminbi notes. [Photo/China News Service]

Central authorities continue to release relief measures to help companies mitigate financial pressure and stabilize the job market during the COVID-19 epidemic.

A recent State-level notice stated that in addition to the five sectors — catering, retailing, tourism and transportation — that have been hardest hit, companies in 12 other sectors will also be allowed to defer pension insurance payments until the end of this year.

The notice was jointly released on Tuesday by the Ministry of Human Resources and Social Security, the National Development and Reform Commission, the State Taxation Administration and the Ministry of Finance.

The new sectors include textiles, entertainment, pharmaceuticals and instruments and facilities manufacturing industries, whose supply chains have been severely impacted by the epidemic.

A yearlong deferral on work-related injury and unemployment insurance payments has been granted and no overdue fees will be incurred.

Small and medium-sized companies and individual businesses that have experienced difficulties because of the epidemic can also apply to defer insurance payments until the end of this year without incurring charges.

Administrative units are required to streamline procedures for reviewing applications, and to improve supervision once deferrals have been approved.

The notice further stipulated that companies applying to defer insurance payments must ensure that workers' rights are respected.