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Shandong sets up funds to support retired soldiers

2019/8/1 14:34:33   source:sdchina.com

Shandong will set up funds to encourage retired soldiers to start up their own businesses and help those who are in difficulty or in need, with an initial scale of five billion yuan, according to a press conference held Wednesday in Jinan, east China's Shandong province.

The funds will be financed by the provincial and municipal governments and entrusted to professional investment management institutions to operate. The proceeds of the fund will turn over to the provincial treasury as required, included in the budget management, and specially used to support retired soldiers in terms of business start-up loans with discounted interest, risk compensation and assistance in difficulties.

The funds will help retired soldiers with the will and ability to start their own businesses but have difficulty in funding. Retired soldiers who start up their own businesses and their small and micro businesses which are in the initial start-up period (within 3 years after registration) will enjoy full loan interest rate discount for the maximum of 3 years and 2 years respectively. Credit loans and mortgage loans applied for by small and micro enterprises founded by retired soldiers shall be given a discount of 50 percent up to 2 years.

Small and micro businesses are encouraged to employ retired military personnel. Every start-up small and micro enterprise will be given a one-time reward of 3,000 yuan for each retired soldier they employ once the enterprise has signed an employment contract with the retired soldier for more than one year and paid social security for over one year.

If the start-up small and micro enterprises are founded by retired military personnel and meet the above conditions, a one-time reward of 5,000 yuan will be given for each retired soldier they employ.

The funds can also be used for classified assistance to retired soldiers and other entitled groups who still have serious difficulties in basic living after having fully enjoyed the social security of universal benefits.

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Sponsor:Information Office of Shandong Provincial People’s Government