A new social security policy that came into effect in Beijing on May 1 could save companies in the Chinese capital nearly 20 billion yuan (US$2.92 billion) this year, Xu Xi, head of the Beijing Municipal Human Resources and Social Security Bureau, said on Thursday.

The policy reduces the premium rate for old-age insurance in Beijing from 19% to 16%, and maintains the unemployment insurance rate at 1%.

Companies of all sizes and background are eligible for the new rate. Particularly for the city's 470,000 small businesses with fewer than 50 employees, they could save an average of 150 yuan per employee every month.

In addition to the rate reductions for employers, Beijing is also helping them increase productivity at the workplace. The city established a system to offer vocational training to employees.

Furthermore, jobseekers can benefit from various training and job fairs provided by the municipal government. For farmers looking to transition into the urban environment, the city is offering positions at public service posts. Subsidies are offered at these positions so that farmers working in urban areas can earn a monthly salary of up to 7,000 yuan. Already, over 15,000 farmers have taken up these posts.

The city has hosted 11 job fairs in the populous Huilongguan and Tiantongyuan areas. A total of 291 local companies offered 5,644 job opportunities, hiring 1,980 people.

The popular online job site, Zhaopin, is also working with the city to develop a mobile app targeting job seekers in the region.

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