Why does social security have to be adjusted every July?

Legal analysis: Every July, social security will be adjusted once a year, plus the social security relief policy promulgated this year because of the epidemic. Details are as follows:

1, affecting small and medium-sized enterprises to be exempted from three social security fees;

2. The standards affecting the implementation of multi-station adjustment are gradually liberalized.

July is the adjustment month of most cities, and the social security payment base is rising every year. Due to this year's epidemic, some cities have maintained the lower limit of social security contribution base at the level of 19.

Legal basis: Article 18 of the Social Insurance Law of People's Republic of China (PRC) established the normal adjustment mechanism of the basic pension. According to the average wage increase and price increase of employees, the basic old-age insurance treatment level will be improved in a timely manner.