China to reduce social insurance burden on employers

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China to reduce social insurance burden on employers
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China released new social insurance policies in March, and foreshadowed others to come, which will reduce social insurance burdens on employers. The policies will:

Reduce pension contributions by employers. On 24 March 2019, the Ministry of Finance announced that starting from 1 May, China will reduce the employer contribution to pension insurance from 20% to 16%. The minister speaking on behalf of the Ministry of Finance further indicated that China would also at some point continue with the recent reductions in employer contributions to unemployment insurance and work injury insurance and would also provide more social insurance contribution subsidies to employers in labour-intensive industries.

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