Shanxi firms enjoy insurance payment reductions, exemptions


The Shanxi Provincial Department of Resource and Social Security recently moved to provide more help for companies still struggling from the effects of the novel coronavirus outbreak.

The department issued a notice on the social insurance reductions and exemption policies targeting local companies on July 7 – effectively extending the policy. 

The department clarified that the policy covers social insurance payments by micro, small and medium-sized enterprises that have serious difficulties in production and operation due to the pandemic.

The initiative will run until the end of December 2020, officials said.

During the period of deferred payments, these enterprises will not pay late fees.

Large-scale enterprises affected by the pandemic enjoyed a half reduction of their payments until the end of June.

Officials said that according to the reduction and exemption situation of the whole province, Shanxi will adjust its 2020 revenue budget.