Social subsidies for having graduates
Print Edition
SMALL businesses hiring local graduates will receive a subsidy toward social insurance payments under a new policy to promote graduate employment, city authorities said yesterday.
And college graduates can get a monthly subsidy to encourage them to start their own businesses, the Shanghai Human Resources and Social Securities Bureau said.
Under the policy, small and micro companies can get a monthly subsidy of 520 yuan (US$85) for each graduate employee for one year, while self-employed graduates can receive 630 yuan per month for two years.
These are local implementations of a national circular issued by the State Council, China’s Cabinet, in May to promote graduate employment and student entrepreneurs.
Currently, only graduates with a Shanghai hukou — a permanent residence permit — are eligible.
The bureau said companies must offer graduates a contract of more than one year in order to qualify.
To be eligible for either scheme, this must be a graduate’s first job.
Companies and graduates can apply for the subsidies at the employment centers in the districts where they pay taxes, said the bureau.
In Shanghai, social insurance payments for employees cover their pension, medical insurance, maternity insurance, unemployment insurance and work-related injury insurance.
Social insurance for self-employed people covers only their pension and medical insurance.
According to the most recent figures of the Shanghai Education Commission, by July some 72 percent of the this year’s 175,600 graduates in the city had accepted a job offer, been admitted to postgraduate studies or decided to go abroad.
The figure was up 0.2 percentage point on the same period last year.
Nationally, the number of college graduates hit a new record at 7.27 million this year.
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