Shenzhen took the lead in Guangdong Province by offering 453,000 yuan (US$67,180) to help enterprises expand posts for employment of fresh college graduates.
The first batch of subsidies, given out Thursday from the unemployment fund, will benefit 160 enterprises in the city.
The State and provincial human resources departments have unveiled measures to encourage enterprises to recruit fresh college graduates.
Companies will enjoy a one-time subsidy of up to 1,500 yuan per new employee if they have signed labor contracts with higher education graduates (with graduation time from January to December this year) for at least a year and have paid unemployment insurance contributions for them for at least a month. The policy is valid until the end of December.
The Shenzhen Public Employment Service Center on Aug. 5 selected qualified enterprises through comparison of data from enterprises, colleges, taxation records and social security bureaus and unveiled the list of qualified enterprises to the public. Enterprises need not apply. Starting Thursday, the city’s social insurance administration has given out subsidies to 160 enterprises, including Huawei, ZTE, DJI and Tencent.
The Shenzhen Municipal Human Resources and Social Security Bureau will give out more subsides after more enterprises are selected and verified.
To encourage the employment of college graduates, the city has given out 2.1 billion yuan employment stabilization refunds to 800,700 firms and 4.9 billion yuan jobs retaining subsidies to 937,400 enterprises. If the deferred payments and phased fee reductions are included, the policies combined have reduced the burden of enterprises of nearly 13 billion yuan.
The small and micro-sized firms that hire college graduates can apply for subsidies for social insurance and internships. The college graduates can also apply for subsidies for starting up businesses, skills training and social insurance if self-employed, and allowances for employment in the Guangdong-Hong Kong-Macao Greater Bay Area. Between January and June, the city gave out subsides to 59,000 people for employment at grassroots, data from the bureau showed.