China's efforts to create more jobs pay off
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China's proactive employment policies and measures in the wake of the financial crisis have generated positive results, Yin Weimin, Minister of Human Resources and Social Security, said on Saturday.
China is expected to create over 11 million jobs in 2009, well above the target set in March this year, Yin said.
In a most important measure taken since the beginning of this year, millions of enterprises nationwide had been allowed to delay the payment of enterprise-contributed social security funds for up to six months, said Yin.
China's social security system is made up of five parts -- pension insurance, medical insurance, work injury insurance, unemployment insurance and maternity insurance.
The measure also temporarily lowered the insurance rates for medical, work injury, unemployment and maternity. In the meantime, the government offered subsidies over the payment of social security funds for enterprises which were in financial difficulties.
Yin told Xinhua that this measure alone had eased corporate burden by nearly 33.9 billion yuan (5 billion U.S. dollars) in the first 10 months this year and more than 1.6 million enterprises had benefited from this measure.
According to Yin, China had generated 10.13 million new jobs in urban areas in the first eleven months, exceeding the government's target of 9 million new jobs for the entire year.
The urban unemployment rate would likely stand at 4.3 percent by the end of this year, which also met the target of below 4.6 percent set in March, he said.
In 2008, China's urban unemployment rate was 4.2 percent.
