Asinta’s Market and Benchmark Insight Report for China is prepared by Ximco, Asinta’s employee benefits consulting Partner in China. The report is easy to understand and lets you move forward in your decisions about employee benefits in the country.
Inside the report, you’ll find details about benchmarking employee benefits in China, including:
- Statutory Benefits
- Insured Benefits
- Fringe Benefits and Perks
- Plan Setup
The following is an excerpt.
Social Insurance in China
The State Social Insurance System is the basis for mandatory benefits in China. It is a state scheme without any involvement from the commercial insurance sector, and the municipal government administers it. Both the employer and employees contribute to social insurance in proportion to salary (percentages vary by municipality, and the maximum contributions are capped). When first hiring staff, a company enters into these social insurance arrangements by submitting labor and social insurance notifications to the relevant authorities.
Other Helpful Information
- Department of Work Injury Insurance
- Department of Pensions and Department of Rural Social Insurance, under the Ministry of Human Resources and Social Security