China’s unemployment insurance system has seen a significant rise in payouts over the last decade, with the number of unemployed individuals receiving benefits nearly doubling. According to the Ministry of Human Resources and Social Security, by the end of September 2023, the country’s unemployment insurance program had covered 245 million people.
In 2023, a total of 7.3 million unemployed individuals received $1.5 billion (CNY10.4 billion) in unemployment insurance benefits, marking a notable increase of $1.9 billion (CNY13.6 billion) compared to the previous year. The average monthly unemployment insurance payout per person was $254 (CNY1,814), more than double the amount recorded in 2012.
The ministry has also outlined plans to expand unemployment insurance coverage to vocational workers. These plans aim to strengthen the connection between employment, unemployment insurance, and subsistence allowances, ensuring broader social safety nets.
In terms of the national unemployment insurance fund’s financial performance, the ministry’s data revealed that in 2023, the fund’s income reached $25.3 billion (CNY180.7 billion), while expenditures amounted to $20.8 billion (CNY148.5 billion). By the end of the year, the fund maintained a cumulative balance of $45 billion (CNY321.3 billion), with 3.52 million people receiving benefits.
This growing fund and expanded coverage underscore China’s ongoing efforts to address unemployment and provide support for those out of work.
(Exchange rate: $1.00 = CNY7.07)
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