As part of its 15th Five Year Plan, the Chinese government pledged July 11, to re-employ 25 million laid-off workers.
In a media release, the Chinese Ministry of Human Resources and Social Security’s planning and finance department said that the goals are designed to develop a modern workforce, improve people’s livelihoods, and advance common prosperity, the July 9 China Daily reports. China Daily continues, “On employment, the plan aims to reemploy 25 million laid-off workers and help another 6.5 million people facing employment difficulties find jobs. It also calls for the urban surveyed unemployment rate to remain below 5.5 percent and for subsidized vocational training to reach more than 50 million people, including 17.5 million rural migrant workers.”
China’s planning and finance department said the employment targets are intended to “maintain overall employment stability and achieve new progress in high-quality full employment.” On social security, the plan aims to keep coverage under the basic pension insurance system above 95 percent. The 15th Five-Year Plan also sets a target for enterprise annuities and occupational annuities—employer-sponsored supplements to the basic State pension system—to exceed 9 trillion yuan ($1.32 trillion) by 2030.
