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China has unveiled new policies to help relieve financial pressure on industries and individuals hard-hit by the novel coronavirus epidemic. The Ministry of Human Resources and Social Security and State Taxation Administration recently released a notice to allow companies in five sectors including catering, retail and tourism to delay payment of their employees' insurance on pension, unemployment and work-related injuries. For example, companies are allowed to delay payments for pension insurance for three months, from April to June, by the end of 2022 without overdue fines. Individual businesses and flexible workers who pay their pension and unemployment insurance themselves can also apply to defer their payment and are allowed to pay arrears by the end of 2023 without overdue fees. Yu Jiadong, vice-minister of human resources and social security, said at a news conference in Beijing on Thursday the nation still faces challenges to stabilize the job market, while these newly released measures will help companies relieve their financial pressure as well as the difficulties unemployed people face.
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