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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China says firms can reduce social security payments: state media AFP - 34 minutes ago BEIJING (AFP) - - Chinese firms can reduce contributions to various employee insurance schemes next year in a bid to stem mounting job losses amid the global economic crisis, the government said Monday. The finance ministry said insurance for basic medical, unemployment and workplace injury could be reduced "by a proper margin" for up to 12 months next year. "Companies are expected to pay hundreds of billion yuan (tens of billions of dollars) less in insurance and pension payments while tens of millions of jobs can be secured," it said. Firms in difficulty would also be able to delay payments to social security funds for up to six months in 2009, it said. The new measures are the latest in a series of efforts to stabilise the job market as China's economy slows amid the global economic crisis. Many exporters and manufacturers have had to shut down or downsize, leading to considerable job losses, and Chinese President Hu Jintao has warned of a "grim" employment situation next year. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy China says firms can reduce social security payments: state mediaAFP - 34 minutes ago Taiwan dollar down sharply on foreign funds, stocksReuters - 54 minutes ago China says it will chase foreign investors who flee debtAFP - 1 hour 51 minutes ago Most Asian markets fall on gloomy economic outlookAP - 1 hour 54 minutes ago Related Articles: Business Ireland unveils euro5.5 billion bank bailoutAP - 27 minutes ago Russian rouble weakens vs dlr/euro basketReuters - 30 minutes ago Asian markets lower amid bleak global economic outlookAFP - 32 minutes ago China says firms can reduce social security payments: state mediaAFP - 34 minutes ago Takeda starts Japan Phase III trials for obesity drugReuters - 35 minutes ago Enlarge Photo China says firms can reduce social security payments: state media Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Global economy seen sinking into 'severe' 2009 recession: report Let poor eat caviar: Milan authorities New Year's hangover? Take two eels and call me in the morning Actress Jennifer Aniston appears naked in GQ magazine Putin warns against any attempt to destabilize Russia View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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