BEIJING, Oct. 21 (Xinhua) -- China has seen a significant cut in social insurance premiums paid by businesses amid government efforts to reduce corporate burden, official data showed Monday.
In the first nine months, employers have seen 272.5 billion yuan (38.55 billion U.S. dollars) less paid in basic aged-care insurance contributions, unemployment insurance and work injury compensation insurance premiums, Lu Aihong, spokesperson for the Ministry of Human Resources and Social Security, said at a press conference.
The government lowered the share borne by employers for urban workers' basic age-care insurance down to 16 percent from 20 percent starting from May 1, as part of a policy package that reduces social insurance contributions of enterprises.
The country also saw expanded coverage of its social welfare. By the end of September, the number of people covered by basic aged-care insurance, unemployment insurance and work injury compensation insurance went up by 13.23 million, 6.42 million and 11.36 million, respectively, Lu said.
China aims to reduce the tax burdens and social insurance contributions of enterprises by nearly 2 trillion yuan this year, according to a government work report.
