PRC Social Security Scheme
Title: PRC Social Security Scheme
Category: Law & Government / Government & Politics | Words: 534 | Pages: 2.3 (approximately 235 words/page)
PRC Social Security Scheme
PRC Social Security Scheme
Major Characteristic of PRC Social Security Scheme
- Only applicable to Chinese local employees
- Local requirements may vary from locality to locality.
Structure of Social Security Scheme
- Pension
- Unemployment Insurance
- Medical Insurance
- Housing
National Requirement - Pension
“Decisions of the State Council Concerning the Establishment of a Unified System of Basic Old-age Insurance for Staff and Workers of Enterprises”(July 16, 1997)
Structure of the Basic Pension Scheme
- Requires mandatory participation by enterprises and employees;
- …
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Contribution
- Employer contribution – minimum contribution 5% of the total wages of the enterprises;
- Employee contribution – minimum contribution 5% of the employee’s wage
Local Requirements
Local requirements regarding contribution ratios may be different from national requirements, which vary from locality to locality based on the relevant regulations stipulated by local governments.
A Summary of contribution rations (expressed as a percentage of the employee gross wages) to social security funds in the following cities (as of July 1999)
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