China’s employment sector has shown resilience in the face of global economic challenges. The Ministry of Human Resources and Social Security has recently reported stable figures in the first quarter of 2024. Key indicators, including the gross revenue of social insurance funds and the creation of new urban job opportunities, reflect a robust foundation amidst shifting economic tides.
China’s employment growth
In Q1 of 2024, China saw 3.03 million new urban employment opportunities. This figure marks a notable increase of 60,000 compared to the same period last year. Therefore, it demonstrates China’s ongoing efforts to stimulate economic growth and create employment avenues for the urban workforce. In March 2024, China’s urban unemployment rate declined 0.1 percent to 5.2 percent, indicating an improvement in the country’s economic resilience.
Expanding social security coverage
The gross revenues of China’s three major social insurance funds reached 2.2 trillion yuan (about $300 billion), stated the ministry in a recent press conference. The three funds include basic endowment insurance for the elderly, unemployment insurance, and work-related injury insurance.
Chen Feng, deputy director of the Policy Research Department at the ministry, highlighted the steady performance of China’s major social insurance funds during the January-March period. With total revenues of 2.2 trillion yuan and total expenditures of 1.8 trillion yuan, the funds maintained a healthy balance. It stood at 8.6 trillion yuan by the end of March. This financial stability underscores the government’s commitment to ensuring social security for its citizens.
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Social security adoption increases
The widespread adoption of social security measures is evident in the increasing number of cardholders nationwide. As of Q1 of 2024, the number reached 1.38 billion, equivalent to 98 percent of the population. Notably, electronic social security cards have gained popularity, with 986 million individuals utilizing this digital option.
China’s commitment to enhancing social welfare is evident in the growing participation rates in essential insurance programs. The number of people participating in China’s basic pension, unemployment insurance, and work-related injury insurance has also increased to 1.07 billion, 240 million, and 290 million, respectively.
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