China will cut theshare of enterprise contributions to urban workers' basic aged-care insurance from20 to 16 percent starting May 1, the State Council announced Thursday.

Cutting the ratesfor unemployment and work-related injury insurance will be extended to April30, 2020, You Jun, vice-minister of human resources and social security, saidat a State Council Information Office news conference.

The new policieswill cut aged-care insurance fees by more than 190 billionyuan($28.3 billion) and unemployment and work-related injury insurance by more than110 billionyuanby the end of 2019,Yousaid.

Measures will beadopted to lower the social security wage base, the upper threshold on which awageearner'scontributions to the pension fund maybe imposed, for different provincial areas, he said.

You underscoredthe importance of ensuring pensions be issued in full and in a timely manner.

The move will alsopave the way for unified national management of the government pensioninsurance system, he said.

The basic pensionfund, which is administered by the Ministry of Human Resources and SocialSecurity, stood at a surplus of around 4.8 trillionyuanin 2018, he said.

Source:https://enapp.chinadaily.com.cn/a/201904/04/AP5ca5f398a3104dbcdfaa564c.html