BEIJING, April 30 (Xinhua) -- China will finance vocational training with 100 billion yuan (about 14.8 billion U.S. dollars) from the country's unemployment insurance fund balance to upskill the workforce, according to an executive meeting of the State Council.
The meeting presided over by Premier Li Keqiang Tuesday decided that a special capital account will be established to advance the task of vocational skills upgrading.
Utilization of the fund will be tracked and relevant information will be disclosed to the public, while those who fake training to fraudulently obtain the fund will be punished in line with laws, the meeting noted.
The adjustments of vocational training subsidy policies by local governments will be supported, and all eligible workers can take skill-training programs and receive subsidies, said the meeting.
Vocational schools are encouraged to expand their training to cover more people, while companies and social training agencies will be given support for launching training courses on professional skills.
Privately-run training institutions shall enjoy the same treatment as public counterparts do when it comes to government-purchased services.
Training quality must be ensured to improve the pertinency and effectiveness of vocational skill-upgrading programs, the meeting stressed.