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Mayor unveils jobs stimulus effort
By Yan Zhen |
January 16, 2009, Friday
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Print Edition
Print Edition
SHANGHAI government will launch a series of jobs-boosting measures this year to help fresh college graduates, laid-off workers and migrants find employment at a time when many companies are cutting payrolls, Mayor Han Zheng said yesterday.
Speaking to deputies attending the annual session of the Shanghai's People's Congress, Han pledged that city government would give top priority to the employment challenges brought by the global economic downturn.
The stimulus package features preferential policies for business startups, vocational training and internship plans for fresh graduates and direct payroll subsidies to some employers.
"With the economy slowing, a job market featuring sluggish supply but large labor demand will pose the biggest unemployment pressure that the government has faced in recent years," Han told the city's legislature.
To encourage more people to help reduce the unemployment burden by starting their own firms, the city has doubled the ceiling for government-guaranteed business-startup loans. Entrepreneurs can now apply for loans up to 1 million yuan (US$146,262). The payback terms have also been extended, from one year to three years.
The preferential policies also consist of office rent discounts and subsidies for new businesses - hopefully run by college graduates, the mayor said.
Shanghai will turn out a record 158,000 fresh university degree holders this year, plus another 55,000 polytechnic graduates, according to the Shanghai Education Commission.
Other components of the stimulus package will encourage graduates to pursue more vocational training or internships if they fail to land a job immediately after leaving school.
The city government will pay the full amount of training expenses, as well as introduce graduates to internships at about 2,000 local businesses. Interns will be entitled to a government-subsidized allowance that is 60 percent of the city's minimum wage of 960 yuan per month.
In addition, Han said city government will subsidize company training programs and provide direct payroll funding to some firms.
"We encourage companies to organize corporate training for employees if there is idle time because of a lack of orders," he said. "Training expenses will be covered by the city's unemployment insurance fund, and the purpose is to reduce layoffs to the lowest possible level."
Details will be announced by the Shanghai Human Resources and Social Security Bureau next month, officials said.
Shanghai reported a registered unemployment rate of 4.3 percent last year. Local authorities pledged to create 500,000 job positions this year, with an unemployment rate controlled at about 4.5 percent.
Speaking to deputies attending the annual session of the Shanghai's People's Congress, Han pledged that city government would give top priority to the employment challenges brought by the global economic downturn.
The stimulus package features preferential policies for business startups, vocational training and internship plans for fresh graduates and direct payroll subsidies to some employers.
"With the economy slowing, a job market featuring sluggish supply but large labor demand will pose the biggest unemployment pressure that the government has faced in recent years," Han told the city's legislature.
To encourage more people to help reduce the unemployment burden by starting their own firms, the city has doubled the ceiling for government-guaranteed business-startup loans. Entrepreneurs can now apply for loans up to 1 million yuan (US$146,262). The payback terms have also been extended, from one year to three years.
The preferential policies also consist of office rent discounts and subsidies for new businesses - hopefully run by college graduates, the mayor said.
Shanghai will turn out a record 158,000 fresh university degree holders this year, plus another 55,000 polytechnic graduates, according to the Shanghai Education Commission.
Other components of the stimulus package will encourage graduates to pursue more vocational training or internships if they fail to land a job immediately after leaving school.
The city government will pay the full amount of training expenses, as well as introduce graduates to internships at about 2,000 local businesses. Interns will be entitled to a government-subsidized allowance that is 60 percent of the city's minimum wage of 960 yuan per month.
In addition, Han said city government will subsidize company training programs and provide direct payroll funding to some firms.
"We encourage companies to organize corporate training for employees if there is idle time because of a lack of orders," he said. "Training expenses will be covered by the city's unemployment insurance fund, and the purpose is to reduce layoffs to the lowest possible level."
Details will be announced by the Shanghai Human Resources and Social Security Bureau next month, officials said.
Shanghai reported a registered unemployment rate of 4.3 percent last year. Local authorities pledged to create 500,000 job positions this year, with an unemployment rate controlled at about 4.5 percent.
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