China to further cut social security burden on individuals, enterprises
Updated: 2016-04-14 08:10
(Xinhua)
|
||||||||
BEIJING - China will further reduce the burden on individuals and enterprises by cutting their payment to the social security funds, according to a government meeting on Wednesday.
The required contribution rates of the pension insurance, unemployment insurance and housing provident funds will be lowered in a two-year period starting on May 1, said a statement issued after the State Council meeting presided over by Premier Li Keqiang.
The new policy aims to relieve corporate burden and increase workers' cash income.
The government estimated companies across the country can save a total of over 100 billion yuan ($15.48 billion) each year.
Under the policy, enterprises that contribute more than 20 percent of the pension insurance payment can reduce the rate to 20 percent, while those in provinces that see sufficient funds can lower the rate to 19 percent.
In addition, the rate of the unemployment insurance will range between 1 percent and 1.5 percent, down from the current 2 percent, and that of housing provident funds should stay below 12 percent.
Thank you Kobe, say Chinese fans in countdown to retirement
3D printers from China at New York show
UN takes historic step to open selection of new UN chief
Palace Museum stages peony-themed exhibition
Man abducted 19 years ago reunites with family
Now and then: Technologies improve media work
Unforgettable wedding photos at fire station
Jack Ma toasts wine with Italy's prime minister
Most Viewed
Editor's Picks
![]()
|
![]()
|
![]()
|
![]()
|
![]()
|
![]()
|
Today's Top News
Duke alumni visit Chinese Embassy
Marriott unlikely to top Anbang offer for Starwood: Observers
Chinese biopharma debuts on Nasdaq
What ends Jeb Bush's White House hopes
Investigation for Nicolas's campaign
Will US-ASEAN meeting be good for region?
Accentuate the positive in Sino-US relations
Dangerous games on peninsula will have no winner
US Weekly
![]()
|
![]()
|