What does five insurances and one gold 12% mean?

The ratio of 12% in the five insurances and one gold means that you have to pay 12%.

The "five insurances and one gold" often refers to several kinds of security benefits provided by employers, including pension insurance, medical insurance, unemployment insurance, work injury insurance, maternity insurance and housing accumulation fund.

"On-the-job employees should pay the housing accumulation fund in accordance with the regulations." Housing accumulation fund is a "payable" project, which is legally necessary, and it also shows that paying it is a citizen's obligation.

Maternity insurance and employees' basic medical insurance, inspection fees will be reimbursed together with general medical expenses, and it is required to be paid at 12%, which means that the provident fund should be paid at 12%.

That is to say, individual contributions to the provident fund fluctuate between 8%- 12% because the proportion of the provident fund is not fixed. The more people you pay, the better, because the company still has to pay one.

legal ground

labour law

Article 72 The sources of social insurance funds shall be determined according to the types of insurance, and social pooling shall be gradually implemented. Employers and workers must participate in social insurance and pay social insurance premiums according to law.

Social insurance law

Article 4 Employers and individuals in People's Republic of China (PRC) shall pay social insurance premiums according to law, and have the right to inquire about payment records and personal rights and interests records, and ask social insurance agencies to provide social insurance consultation and other related services.

Labor Contract Law

Article 58 A labor dispatch unit is an employing unit as mentioned in this Law and shall fulfill the obligations of the employing unit to the laborers. The labor contract concluded between the labor dispatch unit and the dispatched worker shall not only specify the matters specified in Article 17 of this Law, but also specify the employing unit, dispatch period and post of the dispatched worker.

The labor dispatch unit shall conclude a fixed-term labor contract with the dispatched workers for more than two years, and pay the labor remuneration monthly; During the period when the dispatched workers are not working, the labor dispatch unit shall pay the labor remuneration monthly according to the minimum wage standard stipulated by the local people's government.