China’s cabinet has agreed to provide financial assistance to struggling companies that retain staff in a bid to bolster employment levels as an economic slowdown threatens greater job losses, Reuters reports.
The government will return half of the unemployment insurance fees paid by such firms, the State Council said in a statement, urging bosses to pay “high attention” to the potential pressure slower growth will have on employment.
Workers between jobs will also be given subsidies while they undergo retraining, the statement added.
Official and private factory surveys show that manufacturing companies have been trimming their payrolls gradually for many months, but the combined threat of a slowdown and trade war with the US is pushing Beijing to place greater weight on shoring up employment.
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