[Photo/VCG]

Over 86,000 enterprises in Yiwu, Zhejiang province have received social insurance fee reductions of up to 658 million yuan ($93.23 million), local media reported from the municipal social security center on June 22.

Yiwu implemented the phased reduction and exemption of social insurance fees for enterprises after the outbreak of COVID-19. The move aims to reduce the operation costs of enterprises and individual businesses affected by the pandemic.

Micro, small and medium-sized enterprises are exempt from the payment of basic endowment insurance, unemployment insurance and work-related injury insurance from February to June 2020.

Large enterprises and other insured units (excluding government bodies and public institutions), enjoy a 50 percent reduction of basic endowment insurance, unemployment insurance and work-related injury insurance from February to April 2020.