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Home >> Business
UPDATED: 19:25, May 28, 2005
China budget funding for re-employment up 31 percent
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China's central government has arranged an appropriation of 10.9 billion yuan (1.32 billion US dollars) for various re-employment schemes, an increase of 2.6 billion yuan over 2004, or a 31 percent rise, year-on-year, officials with the Ministry of Finance said Friday.

The central government also increased budget funding for employment training programs for farmers to 400 million yuan ( nearly 50 million US dollars), or 150 million yuan (about 20 million US dollars) more than the 2004 subsidized fund, said an official with the ministry.

Following a rapid growth in budget funding for re-employment and social securities, this year's increased funding arrangements for re-employment programs for urban and rural residents show the government's commitment to a more harmonious society, said the official.

The Ministry of Finance will continue its effort to improve social security system in urban China, and to provide basic living allowance for those laid off by state-owned firms, he said.

In 2004, the Chinese central government increased its allowance for re-employment by 2.225 billion yuan (271 million US dollars), or an increase of 54.6 percent, over the previous year, while local governments also made similar arrangements, according to the ministry.

Meanwhile, the ministry earmarked 14.4 billion yuan (1.75 billion US dollars) in living allowance funding for jobless workers, and delivered 52.4 billion yuan (6.39 billion US dollars) in transferred payment for pension fund, which helped ensure retirees get their pension in time and in full.

Source: Xinhua


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