The current rate of unemployment in China is reported at 4.3 percent. However, young graduates are having a very difficult time finding work and are one of the largest groups if unemployed, and they are unprotected by unemployment insurance. Besides benefits to provide cost of living, the fund seeks to encourages re-employment.
The Beijing Municipal Bureau of Labor and Social Security oversees the fund and determines benefits for the city.
There are several contributes to the Unemployment Insurance fund. Employers are the largest contributor and are required to pay in all major cities. Most cities also require a contribution from the employee.
The part of premium covered by the employer will be deducted from the employer's bank account and processed by the bank every month on behalf of the social insurance processing institution. The employee's contributions are automatically deducted via social security payments from wages.
The level of benefit is set between the minimum wage and the minimum living allowance by individual provinces, autonomous regions and municipalities. It is usually the amount of minimum wage for that area. In Beijing, that is 1,160 RMB per month.
In the event an individual becomes unemployed, they will be able to make a claim to receive unemployment benefits.
The amount received is a fixed amount unrelated to the salary received by the individual previously or the amount of accumulated contribution. The benefits can be received for a maximum of 24 months.
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