(Yicai) May 29 -- More than 600,000 Shanghai-based companies, social organizations, and social service institutions with layoff rates of up to 5.5 percent, timely and fully paid unemployment insurance, and good credit records for last year will receive partial unemployment insurance refunds from the local government.

Based on the total unemployment insurance paid by companies and their employees last year, 30 percent of the payment will be repaid to large-sized enterprises and 60 percent to micro, small, and medium companies, the Shanghai Municipal Human Resources and Social Security Bureau announced on its website today.

The refunds can be used for employees' living allowances, payment of social insurance, job transfer and skill enhancement training, and to cut production and operating costs.

On April 26, the Ministry of Human Resources and Social Security and other relevant authorities said that companies who have fully paid unemployment insurance for over 12 months and have not laid off workers or have layoff rates lower than the national urban surveyed unemployment rate controlled target in the prior year will be able to apply for unemployment insurance refund to support stable employment.

Editor: Martin Kadiev