Five insurance individual and company contribution ratio 2023

From 2023, the proportion of individual contributions of China Five Insurance (Social Security) will be reduced to 8%, and the proportion of corporate contributions will remain unchanged at 20%.

According to the Notice of the State Council Municipality on Reducing the Social Insurance Rates of Enterprises and Employees issued by the China Municipal Government, from 2023, all localities will unify the individual contribution ratio of five insurances (social insurance) and reduce it to 8% (including pension insurance, medical insurance and unemployment insurance, which will be reduced by 0.5 percentage points each, while industrial injury insurance and maternity insurance will remain unchanged), and the contribution ratio of enterprises will remain unchanged at 20%. The fee reduction measures are aimed at reducing the burden on enterprises and improving employees' sense of acquisition. Specific implementation details and implementation time, all localities will formulate specific plans according to the actual situation. At the same time, the government has also strengthened supervision over the authenticity and compliance of social security fees, and will punish violations of laws and regulations according to law.

What are the benefits of paying five risks? The payment of five insurances means that employees and their employers pay a certain percentage of expenses such as pension insurance, medical insurance, unemployment insurance, work injury insurance and maternity insurance every month, and enjoy various welfare benefits such as pension, medical security, unemployment relief, work injury compensation and maternity allowance. Five-insurance payment is a national compulsory social security system, which aims to protect the basic rights and interests of employees.

From 2023, the individual contribution rate of China Five Insurance (Social Security) will be reduced to 8%, and the enterprise contribution rate will remain unchanged. This move aims to reduce the burden on enterprises and improve employees' sense of acquisition. At the same time, the government has also strengthened supervision over the authenticity and compliance of social security fees. Five-insurance payment is a national compulsory social security system, which aims to protect the basic rights and interests of employees.

Legal basis:

"People's Republic of China (PRC) Social Insurance Law" Article 40 Individuals shall pay social insurance premiums and enjoy social insurance benefits in accordance with regulations.