China payroll service introduction
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For a China WFOE threre is a very important follow-up service that investors care about very much after the business running which is that employees payroll service. Company pay salaries to employees as well as the mandatory insurance for payroll service. What is the mandatory insurance for a China company and how much should the company pay for employees?
In China no matter which city you would like to start your business, the company has to buy social insurance for the employees according to labour law. It is illegal to just pay salaries to employees instead of paying social insurance. And yes many of the foreign investors alreay being aware of this point when they hire Chinese employees. But do we have to buy social insurnance for our foreign employees? The answer is no. It is not mandatory to buy social insurance for foreigners, but if you want you can buy it for employees.
What is social insurance? It is a social and economic system that provides income or compensation for people who have lost their ability to work, temporarily lost their jobs, or suffered losses due to health reasons. The main items of social insurance include pension insurance, medical insurance, unemployment insurance, work-related injury insurance, and maternity insurance.
How to pay social inurance for employees? After the company registered and general bank account opened, also you will need to open a social insurance account for your company. So that the employees information can be added into your company and will be able to pay social insurance for them. Secondly, please send the employees' information like ID card, contact number, salary amount and social insurance amount for your accountant. After the information added done, the social insurance system will deduct insurance amount from your company bank account directly monthly.
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