The State Council, China's cabinet, on Feb 18 decided to temporarily exempt social insurance payments and defer the collection of housing provident funds to mitigate the impact of the epidemic outbreak on enterprises.

The balance of the social insurance funds was taken into consideration while making these policies, and the timely and full allocation of pension funds can be ensured, according to a statement released after a State Council executive meeting chaired by Premier Li Keqiang.

In provinces and municipalities other than Hubei, micro, small and medium-sized enterprises will be eligible for the waiver from February to June. Large companies will see them halved from February to April.