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Shanghai Reduces Employers’ Social Insurance Contributions

Shanghai announced earlier this month that employers’ contributions to basic endowment insurance, unemployment insurance and work-related injury insurance (the ‘three social insurances’) will be provisionally reduced or exempted provided that all social insurance benefits of employees are not affected and paid in full and on time. Employee’s contributions will not be eligible for this reduction or exemption.  Among the key measures are the following:

  • Micro-, small- and medium-sized enterprises will be exempt from employers’ contributions to the three social insurances between February and June 2020. Individually-owned businesses that are insured as entities are eligible for the same reduction or exemption policy as micro-, small- and medium-sized enterprises.
  • Large enterprises and other insured entities (including private non-enterprise entities, social groups and other social organisations) will have their employers’ contributions to the three social insurances halved between February and April 2020.

Full details can be found in the Circular on the Implementation of Provisional Reduction or Exemption of Social Insurance Contributions in This Municipality issued jointly by the Shanghai Municipal Human Resources and Social Security Bureau and the Shanghai Municipal Finance Bureau.

Source: Shanghai Municipal People’s Government

Content provided by Picture: HKTDC Research
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