Report: China’s labor market will recover growth in 2021

2022-05-11 0 By

China New Finance and Economics February 27 (Shi Rui) in the state issued a series of “stable employment”, “employment” policy protection, the labor market in 2021 recovery growth.Recently, the Chinese Academy of Fiscal Sciences released the sixth “enterprise cost” large-scale survey report (hereinafter referred to as the report) shows the above trend.According to the survey, the average monthly salary of the sample enterprises increased from 4,182 yuan to 5,367 yuan in the first half of 2018 to 2021, with an average increase of 9.44 percent.In 2020, due to the impact of COVID-19, the average monthly wage of the sample enterprises decreased about 5.17% and only increased 4.19% year on year. However, in the first half of 2021, the average monthly wage increased 12.63%.The average salary varies significantly by industry.According to the report, in the first half of 2021, the average monthly salary of sample enterprises in the financial industry was 8,330 yuan, the highest among the surveyed industries. Real estate and technology-intensive industries ranked second and third, with 6,870 yuan and 6,630 yuan respectively.On the other hand, wages in manufacturing and consumer services are relatively low, with the average monthly wage in accommodation and catering only 3,778 yuan in the first half of 2021.For enterprises, the increase in wages means an increase in enterprise costs. According to the survey, nearly 80% of the sample enterprises said that the total salary will increase in 2021, bringing great cost pressure to enterprises.According to the survey data, the proportion of labor costs in the total cost of enterprises continues to rise, from 24.15% in 2018 to 24.67% in 2019, and further increased to 24.86% in 2020.The report believes that the new development phase of labor costs will show a tendency to rise.As the demographic dividend is gradually fading, the gap between supply and demand of labor force will inevitably expand and the explicit labor cost will rise.In addition, due to the increase of aging population, the pension insurance contribution of labor cost legally borne by enterprises will continue to grow in the long run with the change of supply and demand in the labor market and the continuous improvement of the social insurance system.”When it comes to labor costs, we need to balance economic and social development. We need to get out of the single perspective of enterprises and workers, and balance labor income and employment quality, enterprise production and industrial upgrading, salary market decision and basic income guarantee.”The report said.Disclaimer: This article is reproduced for the purpose of conveying more information.If the source is wrong or violated your legitimate rights and interests, please contact the author with proof of ownership, we will promptly correct, delete, thank you.Email address: