The Social Insurance Base Pay usually gets higher since the adjustment of its payment is made by the government during July every year. But since Jan 2018, there is another adjustment of payment again.
The purpose for the increased payment is to guarantee that the insured labourer enjoy more benefits from social insurance treatment because of social development.
In other words, whether you work or do business in China, you need to pay more money to the Chinese government since Jan 2018.
Comparison of
2018.1-2018.6 & 2017.7-2017.12
From the first month of 2018, designated minimum wage in Guangzhou to pay endowment insurance increase from RMB2,906 to RMB3,170, RMB264 higher than the previous year. Thereinto, in the basic level, the employer needs to pay RMB36.96 more for each employee, while employee himself needs to pay RMB21.12 more.
The comparison is calculated according to the minimum wage standard. If it is calculated based on your actual income, it shows a higher payment correspondingly.
The government requires enterprises to pay a designated rate of Social Insurance for their employees. Social Insurance plays a more and more significant role in the improving security system in GZ. We have also repeatedly emphasized the importance of the social insurance in our articles before.
■ Confirmed! Social Insurance Affects Residence Permit in China!
■ Notice! Buy Chinese Social Insurance Or Pay A Fine!
Therefore, enterprises should attach importance to employees’ rights and interests, pay the Social Insurance for their employees and declare to the government in accordance with law.
What's Social Insurance?
The basic social security system for labourer, including
Pension
Medical Insurance
Unemployment Insurance
Work-related Injury Insurance
Maternity Insurance
But since last year, Serious Illness of Medicaid is also included in the system here in Guangzhou.
#Benefits for expats buying Social Insurance in China?
■ Advantages of Buying Social Insurance in China
#How much should you pay for social insurance?
■ How Social Insurance Affect Your Residence Permit?
If any doubt, please contact HACOS, we persist in providing same and good quality services, latest and timely information for you!
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