China to reduce enterprise contribution to workers' basic aged

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BEIJING, April 4 (Xinhua) -- China will lower the share borne by employers for urban workers' basic aged-care insurance to 16 percent starting from May 1, according to the State Council.

No locality should take any measures that increases the burden on small and micro enterprises when reforming their collection systems, or require, on their own, that longstanding arrears be paid off in a lump sum, the plan said.

The government will also lower enterprise contributions to unemployment insurance and work injury compensation insurance in a phased manner, according to a plan released by the State Council.

The proportion of enterprise workers' basic pension funds under central government allocation will be increased to 3.5 percent in 2019 to reduce some provinces' burden.

The plan also said adjustments will be made in the social security payment bases.