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Drumbeat: Ad Buzzaar
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Sunday, July 26, 1998
China to pay laid-off workers
REUTERS
BEIJING, July 25: China plans to provide welfare payments to workers laid off by state-owned enterprises and set up a unified pension system for retired workers, the China Daily said on Saturday.Workers laid off by state firms would sign three-year contracts with re-employment centres that would pay up to 3,000 yuan ($361) per person per year towards minimum living expenses, pensions and medical insurance, the newspaper said. All retired state workers would receive pensions from a "social public pension fund" from August 1, it said. The old-age pension system would eventually be expanded to cover employees of private enterprises and joint ventures, it said but gave no further details on the fund. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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