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Social Insurance Premium Set for 1 May Cut

In line with its commitment to reducing commercial taxes and fees, the State Council has confirmed a number of impending cuts to the level of mandatory social insurance premiums:

  • As of 1 May 2019, the maximum basic per urban employee pension insurance contribution payable by businesses will be capped at 16%
  • In the case of provinces with an overall unemployment insurance premium rate of 1% (ratio of insurance premium to insurance amount), the cut-off date for reducing unemployment insurance premium rates and work-related injury insurance premiums by stages is to be extended to 30 April 2020

For further details (in Chinese), please access the following link:

Circular of the General Office of the State Council on Issuing the Comprehensive Plan for Lowering Social Insurance Premium Rates (Guo Ban Fa No. 13 [2019])

Content provided by Picture: HKTDC Research
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