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Social Insurance Compliance in Shenzhen

Shenzhen Social Insurance Services Hotline:86-755-82143512,Email:tannet-solution@hotmail.com

We explore China’s social security system, which is especially complex because it is organized at the regional level. While the formal social security system only covers urban workers, some rural workers who move to the cities to work (the so-called “floating population”) are also covered. On account of China’s sheer size and legal diversity, the country’s social insurance system is among the most difficult in the world to navigate.

The social security system in China consists of five different types of insurance, plus one mandatory housing fund, introduced in the chart below. How companies register and deregister their employees often varies depending upon the city and the employee’s location or residency. In many large cities (with some notable exceptions such as Beijing), the registration and deregistration of most employees can be completed online. Similar to withholding tax, companies can make monthly contributions to the fund via direct debit. Many city governments, however, also restrict which banks are able to facilitate the transaction. At the present time, local Chinese banks can facilitate these transactions and businesses should verify which banks are approved by the local government to do so in their area of operation. 

 

 

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Tannet is a diversified international company with a professional team, and we offering the service of China Company registration and deregistration. For further queries, you are welcome to contact Tannet anytime, anywhere by simply calling at 86-755-82143422, 86-755-82143512, or email at tannet-solution@hotmail.com




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