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Social security payment cuts on way

Updated: 2016-04-12 02:38
By Zhao Huanxin (China Daily)

Social security payment cuts on way

An elder shows her social security card in Nantong city, Jiangsu province, March 30, 2016. [Photo/IC]

Li also reiterated the need to cut the tax burden on companies by carrying out the business tax to value-added-tax reform, which is expected to cut tax by more than 500 billion yuan ($77 billion) for enterprises this year.

Li also called on local governments to conscientiously shoulder the responsibility of ensuring people's well-being, and to take more effective measures to deliver "sound employment performances".

The premier listed college and vocational school graduates as well as demobilized servicemen as the priorities for employment. Last year, authorities said the military would demobilize 300,000 personnel by the end of 2017.

This year, at least 7.6 million university students are expected to enter the job market, according to Chinese media reports.

Niu Li, director of macroeconomics at the State Information Center, said unemployment pressure mounted this year as the steel and coal industries in some northern and central areas shed workers to cut overcapacity and improve efficiency.

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