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Shandong further reduce contribution burden on enterprises

2019/5/7 16:04:30   source:sdchina.com

In order to further lower labor costs of employers and activate the vitality of main market players, Shandong province launched a comprehensive implementation plan on reducing social insurance premium rates, according to the provincial department of finance. It’s estimated that the social insurance payment burden of employers will be reduced by more than 24 billion yuan in 2019.

From May 1, 2019, the per-unit rate of basic social old-age insurance for enterprise employees will be lowered from 18 percent to 16 percent, which is expected to reduce the burden on enterprises by about 8.6 billion yuan. The reduction of that premium rate for government institutions will be 4 percent from 20 percent to 16 percent, which is expected to reduce the burden on employers by about 4.8 billion yuan.

The province decided to extend the implementation period of phased fee reduction policy of unemployment insurance and industrial injury insurance that expired on April 30, 2019 for another year, which is expected to reduce the burden on enterprises by about 10.5 billion yuan.

From January 1, 2019, the calculation scope of the average salary of employees for ratifying the upper and lower limits of individual payment base of social insurance will be expanded to include employees of private enterprises in cities and towns, so as to further reduce the contribution burden of inflexible employment personnel and enterprises with low level of wage income.

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Sponsor:Information Office of Shandong Provincial People’s Government