Starting from Jan 2021, China has resumed the regular policies of SMEs’ social insurance contributions as the preferential policies were effective until the end of 2020. Here’s the detail.
China has exempted, reduced and delayed the social insurance payments of micro, small and medium enterprises (SMEs). The preferential policies were effective until the end of 2020 and the regular policies have been resumed since Jan 2021.
After the adjustment, employers’ payment will increase by 544.6 yuan, while the increased amount of employees’ payment is 0 yuan. The total payment is around 1,400 yuan. There might be a slight difference in different sectors and regions.
The penalty for the overdue payment is 0.05% of the payment. Please contact your accountant to declare the payment in time.
In accordance with relevant Chinese laws and regulations, an employer shall register their employees with local social Social Insurance Bureau and the Housing Fund Bureau, and make social insurance contributions to ensure their benefits.
We will keep following the updates on the latest Chinese policies. Stay tuned!
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