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In a notice jointly issued by the Ministry of Human Resources and Social Security (MHRSS), Ministry of Finance and State Administration of Taxation, troubled enterprises will be allowed to delay payment of social security funds in 2009 with the deferment period less than six months, MHRSS officials said.
Companies which are unable to pay social security funds are eligible to delay payment after authorization from the provincial governments, it said. No overdue fine will be imposed on these companies.
The notice also said the insurance rates for medical, work injury, unemployment and maternity will be allowed to temporarily cut back next year in some regions after authorization from the provincial governments. The pension insurance rate, however, should not be lowered.
China's social security system is made up of five parts: pension insurance, medical insurance, work injury insurance, unemployment insurance and maternity insurance.
The notice also encouraged troubled companies to conduct in-company training for employees and to apply necessary financial support from local governments.
In addition, troubled enterprises which refuse to lay off workers or dismiss fewer workers will be allowed to use unemployment insurance funds to pay social security subsidies, it said.