Shenyang Company Management Service
Hotline: 86-755-82143348 Email: anitayao@citilinkia.com
As the country has numerous statutory regulations regarding salary and associated processes like income tax and social security contributions, understanding these policies can be difficult for any company. With serious fines and penalties for employers who fail to adhere to these regulations properly, a solid understanding of Shenyang’s salary laws is the first step to compensating employees properly. To ensure success, consider the following areas of most importance when administering salary in Shenyang.
As China continues to emerge as the largest contributor to global growth, many companies have sought to set a foothold in this rapidly expanding market. While there are many benefits for multi-national organizations that establish operations in the country, there are a number of challenges as well. Aside from the difficulties of hiring employees in a foreign land, such as language barriers and cultural differences, one of the most daunting aspects of expanding into Shenyang is successfully navigating the nation’s complex salary policies.
Social Insurance and Housing Funds
What can be even more difficult for employers to understand when hiring employees in Shenyang is managing contributions for the country’s Social Insurance and Housing schemes, which vary from region to region. Consider the following:
The amount of social insurance contributions are adjusted each year for every city, with the amount determined by using the average salary in each city.
Respective city officials often implement the changes at different times, increasing the administrative burden of the employer.
Employers must also be aware of the amount of the employee tax deductible for the Housing Fund of each region, in order to avoid incorrect tax computations and the resulting complications. Since the related regulations about salary in Shenyang may vary from year to year and city to city, enterprise managers should understand salary in Shenyang timely and thoroughly.
Proper Compensation Ensuring
In addition to meeting the above regulations, the employer must ensure that all payments are accurate and include the appropriate deductions and withholdings. The following are some basic concepts to ensure all employees are compensated correctly:
Payments should include all compensation owed to an employee, including salary, bonuses, allowances, overtime and severance pay. The employer can withhold non-statutory deductions, such as unpaid leave or loan repayments.
It is also the employer’s responsibility to deduct Social Insurance contributions, like pension, medical insurance, unemployment insurance, maternity insurance and occupational injury insurance, on behalf of their employees. Employers are required to deduct a withholding tax from each employee, which covers income tax, shares tax, bonus tax and severance tax.
Tannet’s Services
Tannet is a team of highly experienced salary specialists having an in-depth understanding of the nuances of Shenyang’s salary regulations and stay on top of all changing legislation and contribution schedules. Our company’s industry-leading management salary services can help any multi-national corporation ensure their employees receive on-time and accurate compensation, while meeting compliance with all local and national regulations.
Contact Us
If you have further enquire, please do not hesitate to contact ATAHK at anytime, anywhere by simply visiting ATAHK’s website: www.3737580.net , or calling HK hot line at 852-2783 7818 or Shenyang TEL: 86-024-23180683