Three ministries offer subsidies to companies with fewer layoffs

The central government has channeled continuous efforts to stabilize the job market and raise people's working skills through financial subsidies.

Three ministries — the Ministry of Human Resources and Social Security, the Ministry of Finance and State Taxation Administration — have recently released a notice to grant subsidies to companies with no or fewer layoffs.

According to the notice, small and medium-sized companies with no or fewer layoffs can get 60 percent at most of their previous year's unemployment insurance contributions, and the number for large enterprises is 30 percent at most. The policy will expire till the end of this year.

Financial subsidies specifically for working skills improvement will be given to workers with at least one-year job experience and social insurance contributions, according to the notice.

The annual subsidy ranges from 1,000 yuan ($137) to 2,000 yuan based on workers' skills level and those holding profession certificates in short supply can receive two additional subsidy payments. The policy will also expire till the end of 2025.

The notice urged local authorities to release practical measures based on their own situations and implement these policies in an orderly way.