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Guangdong Looks to Enhance Employment Environment

Guangdong-based businesses are to benefit from a number of new measures designed to boost employment throughout the province, including discounted loans for start-ups, unemployment insurance premium rebates for retaining employees and a doubling of the social insurance premium subsidy period for hiring new graduates. 

In total nine measures have been adopted, which include four key changes:

  • The time limit for subsidising social insurance premiums for any small/micro enterprise employing recent graduates will be extended from one year to two years.
  • Qualified business starters will be offered secured loans of up to RMB300,000 at a discounted rate for a period of up to three years.
  • Enterprises participating in social insurance that do not lay off workers – or lay off only a limited number of workers – are to be eligible for a 50% refund of the unemployment insurance premium paid in the previous year.
  • Guangdong tax authorities’ policies and procedures for social insurance premium collection will remain unchanged, as will employer’s premium rates for basic employee pension insurance. The unemployment insurance premium rate will also remain at 1% until the end of 2020.

For further details (in Chinese), please access the following link:

Circular of Guangdong Provincial People’s Government on Issuance of Several Policies and Measures for Further Promoting Employment (Yue Fu No. 114 [2018])

Content provided by Picture: HKTDC Research
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