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PRC Social Security Scheme Major Characteristic of PRC Social Security Scheme - Only applicable to Chinese local employees - Local requirements may vary from locality to locality Structure of Social Security Scheme - Pension - Unemployment Insurance - Medical Insurance - Housing National Requirement - Pension Decisions of the State Council Concerning the Establishment of a Unified System of Basic Old-age Insurance for Staff and Workers of EnterprisesJuly 16 1997 Structure of the Basic Pension Scheme - Requires mandatory participation by enterprises and employees - Comprises 2 elements a Basic Pension Pooling Account b Basic Pension Individual Account Enterprise Contribution - Maximum contribution of 20 of the total wages of the enterprises in general unless approved by Labour Bureau and Ministry of Finance - For a foreign investment enterprise the total wages only cover Chinese local employees wages - Among the 20 contribution a start at 7 of employee salary in 1997 to be gradually reduced to 3 for contribution into the Basic Pension Individual Account b 13 to 17 goes to Basic Pension Pooling Account Employee Contribution - Start at 4 of employee salary in 1997 to be gradually increased to 8 - Contribution goes to Basic Pension Individual Account National Requirement Unemployment Insurance Unemployment Insurance Regulation issued by State Council on January 22 1999 Mandatory participants - Requires mandatory participation by enterprises and employees - Enterprise refers to Urban enterprises and institutions including a State-owned enterprises b Urban collective enterprises c Foreign investment enterprises d Urban private enterprises and e Other urban enteprises - Employee refers to Staff and workers of urban enterprises and institution Contribution - Employer contribution - 2 of the total wages of the enterprises - Employee contribution - 1 of the employees wage
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