Grace period for SMEs
Published: 20 Aug 2009 16:02:01 PSTSmall- and medium-sized enterprises (SMEs) facing financial troubles can postpone payment of social security fees for another six months, the State Council said on its website yesterday.
SMEs can pick any six-month period to postpone the payment until the end of 2010.
The government first introduced such a policy in 2008 when SMEs were severely hit by the economic recession. Under the new rules, enterprises are permitted to defer social security payments for half a year during 2009.
There are about 9.8 million SMEs in China, about 99 percent of all Chinese enterprises.
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