Chinese authorities have recently announced a new payment deferral of social insurance premiums for the sectors severely hit by the COVID-19 outbreaks, as the latest move to alleviate the financial burden of these industries.
The country has planned to temporarily defer the premium payments of old-age insurance, unemployment insurance, and workplace injury insurance for the hard-hit catering, retail, tourism, civil aviation, highway, waterway and railway transportation industries, according to a statement jointly released by the Ministry of Human Resources and Social Security and the State Taxation Administration (STA).
According to the policies, eligible companies in Tianjin can apply for a postponement of the payment of old-age insurance premiums (company part) from May to July 2022. The payment of unemployment insurance and workplace injury insurance from May 2022 to April 2023 can also be postponed.
