Shanghai Cuts Pension, Healthcare Contributions

Caixin: Shanghai Cuts Amounts Companies Have to Pay for Employee Benefits
Shanghai's government said on its official social media accounts on March 21 that firms in the city need to pay an amount equal to 20 percent of an employee's gross salary into pension accounts, down from 21 percent.
The amount for health insurance was cut from 11 percent to 10 percent, and contributions for unemployment insurance were cut from 1.5 percent to 1 percent of an employee's salary.

...Workers contribute from 10 percent to 12 percent of their gross salary each month for the benefits. Shanghai is keeping the rates for employees unchanged.

...The costs of the benefits, which commentators have criticized as among the highest in the world, have been under intense scrutiny in recent years as businesses, particularly small private firms, feel the pinch of a slowing economy.

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