Ministries reduce insurance, housing fund costs for employers

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The central government has recently taken several measures to reduce social insurance and housing fund contribution costs for employers.

On 4 April 2016, the Ministry of Human Resources and Social Security and the Ministry of Finance jointly issued a notice on reducing the contribution rates for social insurance (which is inclusive of five types of insurance schemes, i.e., pension, medical, unemployment, work injury and maternity insurance).

Story_5_picAccording to the notice, within two years from 1 May 2016, the employer portion of the pension contributions should be reduced to 19-20%, while the total unemployment insurance rates for employer and employee (which were reduced from 3% to 2% in 2015), will be further reduced to 1-1.5%, with the employee contribution rate being capped at 0.5%. In addition, local authorities will continue to implement a 2015 national notice on reducing work injury insurance by 0.25% and maternity insurance by 0.5%.

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Business Law Digest is compiled with the assistance of Baker & McKenzie. Readers should not act on this information without seeking professional legal advice. You can contact Baker & McKenzie by e-mailing Danian Zhang (Shanghai) at: danian.zhang@bakermckenzie.com

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