Unemployment insurance payouts double since 2012 in China

In 2023, 7.3 million unemployed persons received a total of $1.5b.

China’s unemployment insurance had reached 245 million individuals as of end-September, according to the Ministry of Human Resources and Social Security. 

The ministry announced plans to expand the coverage of unemployment insurance to vocational workers and enhance the connection between employment, unemployment insurance, and subsistence allowances.

In 2023, 7.3 million unemployed individuals received a total of $1.46b (CNY10.4b) in unemployment insurance benefits, an increase of $1.9b (CNY13.6b) compared to the previous year. 

The monthly per capita unemployment insurance payout stood at $254 (CNY1,814) last year, more than double the amount recorded in 2012.

The ministry’s data also revealed that the income of the national unemployment insurance fund reached $25.3b (CNY180.7b) in 2023, whilst expenditures totaled $20.8b (CNY148.5b). 

By the end of last year, the fund had a cumulative balance of $45b (CNY321.3b), with 3.52 million people receiving unemployment benefits.

($1.00 = CNY7.07)