Shenzhen social insurance consultancy
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The contribution to various social security insurances is one of the major operating cost elements to foreign investment enterprises, and also the legal obligation of the employer. These obligations include the contributions to pensions, hospitalization, unemployment, work-related injury, and birth planning insurances. In addition, the employer has to make contribution to the housing provident funds for the employee.
Employers in China shall fulfill the social security obligations for the employees, including the social security registration, making payment of social security every month, the withholding of employee's contribution and making payment on their behalf. The administrative body will impose fines on the enterprise and the legal representative for non-compliance.
Certain contributions like pension and medical insurances are computed on the basis of the "average wage" of the preceding year. Each year the local Department of Labor and Social Security will announce the amount of the said average wage in the first half of the year.
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Individual Income tax
Under the PRC tax law, the employer has the withholding obligation to deduct from the gross pay the income tax, and pay them over to the local tax offices. The contribution to housing provident funds and the social security are deductible from the employee's gross pay, in addition to the statutory deduction for the income tax.
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For further queries, please do not hesitate to contact ATAHK at anytime, anywhere by simply calling China hotline at 86-755-82148419, 86-755-82143512, or emailing to info@citilinkia.com