A total of 370 million yuan ($54.93 million) has been issued by Rugao, Nantong, East China's Jiangsu province to optimize the business environment and help enterprises maintain stable payrolls, local media reported on May 23.

According to the policy, enterprises can receive part of the refund of unemployment insurance premiums if their layoff rates are lower than the standard rate.

For large enterprises, 30 percent of the unemployment insurance premium paid in the previous year can be refunded, while for small, medium and micro enterprises, 90 percent of the amount can be refunded.

To date, among the 7,890 eligible enterprises in the city, 7,732 have received the subsidies, amounting to 370 million yuan and benefiting 97,922 people.

Jiangsu Lixing General Steel Ball Co Ltd, one of the beneficiaries of the policy, received a refund of 222,000 yuan, effectively alleviating the financial strain brought about by the current epidemic.

The subsidy will be used for living allowances, social security contributions and skills training, said a person in charge at Jiangsu Lixing General Steel Ball Co Ltd.

In addition, the subsidies will be directly distributed to eligible enterprises without the need to apply. The Rugao Human and Social Security Bureau will screen out qualified enterprises through information sharing between government departments and big data analysis.