August 2024 - New Base of Social Contribution of 2024 in Shanghai and Beijing Are Announced
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August 2024 - Social Contribution in SH and BJ
The contribution base is determined by the employee’s annual average salary of the previous year, subject to the upper limit and the lower limit of each city announced in the middle of the year. On 31 July 2024, the Ministry of Human Resources and Social Security of Shanghai and Beijing announced the upper and lower limits of salary bases for all social insurance contributions in 2024.
Here, we would like to share the new social contribution base of Shanghai and Beijing, which is effective from July 2024.
Here, we would like to share the new social contribution base of Shanghai and Beijing, which is effective from July 2024.
Applicable rate from 1st July 2024 to 30th June 2025, Shanghai
| Social Insurance | Lower Limit (CNY) | Upper Limit (CNY) | Portion of Employer | Portion of Employee |
| Pension | 7,384 | 36,921 | 16% | 8% |
| Unemployment insurance | 7,384 | 36,921 | 0.50% | 0.50% |
Medical insurance (Including maternity insurance) | 7,384 | 36,921 | 9% | 2% |
| Injury insurance | 7,384 | 36,921 | 0.16% - 1.52%* | N/A |
| Housing fund | 2,690 | 36,921 | 5% - 7% | 5% - 7% |
*Depends on the industry type of company.
Applicable rate from 1st July 2024 to 30th June 2025, Beijing
| Social Insurance | Lower Limit (CNY) | Upper Limit (CNY) | Portion of Employer | Portion of Employee |
| Pension | 6,821 | 35,283 | 16% | 8% |
| Unemployment insurance | 6,821 | 35,283 | 0.50% | 0.50% |
Medical insurance (Including maternity insurance) | 6,821 | 35,283 | 9.80% | 2% + 3.00 |
| Injury insurance | 6,821 | 35,283 | 0.2-1.9%* | N/A |
| Housing fund | 2,420 | 35,283 | 5% - 12% | 5% - 12% |
*Depends on the industry type of company.
We will keep you posted if the new social contribution bases in Guangzhou and Shenzhen are announced.
We remain available should you have any questions. Please do not hesitate to reach out to your Forvis Mazars point of contact.
Contact
Joan WU Qiong Partner, Accounting & Outsourcing Solutions Guangzhou Tianhe District
