Update on mandatory social insurance in Shanghai
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Update on mandatory social insurance in Shanghai
SHANGHAI MUNICIPAL HUMAN RESOURCE AND SOCIAL SECURITY BUREAU released the announcement to adjust the social insurance rate from 1st January 2016 (The actual adjustment will start in April and will be traced back to 1st January 2016).
We summarize the salient points of the amendments as below for your reference:
Following social Insurance rate for the employer’s part decreased:
- Pension: from 21% to 20%;
- Basic Medical: from 11% to 10%;
- Unemployment: from 1.5% to 1%;
- Injury insurance payment rate will be adjusted according to the industry (Annex 1):
Monthly social welfare rate for the employee’s part keeps the previous figure.
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