What the social insurance reductions mean for labor management

Jun 21, 2016
The ministry of human resources has cut companies’ social insurance payment requirements, bringing both short- and long-term benefits to employers, employees and the overall economy

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The Ministry of Human Resources and Social Security (MOHRSS), together with the Ministry of Finance, issued the Circular on Reducing Social Insurance Premium Rates in Stages (Circular) on April 14, 2016, in accordance with the PRC Social Insurance Law. The Circular proposes to reduce old-age and unemployment insurance premiums in stages, and to merge the maternity and basic medical insurance schemes. It is aimed at relieving enterprises’ cost burdens in light of the economic slowdown.

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