CHINA – Government to use $14.8 billion from unemployment insurance fund to upskill workforce (XINHUA)
China’s state council said it will use RMB 100 billion (approximately USD 14.8 billion) from the country’s unemployment insurance fund to upskill the workforce, reports Xinhua.
The state council added that a special capital account will be established to advance the task of vocational skills upgrading. Under a large-scale training plan, 50 million people will receive vocational skill training within the next three years, with 15 million to be trained this year.
The training will mainly target employees and accommodate the needs of key employment groups and poverty-stricken workers. Use of the fund will be tracked and relevant information will be disclosed to the public while those who fake training to fraudulently obtain the fund will be punished in line with laws.
China has previously pledged to create more than 11 million new urban jobs in 2019 and ensure a 5.5% surveyed unemployment rate and a registered unemployment rate below 4.5%.