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What does the payment base of social security mean?

The payment base of social security is the benchmark for workers and employers to pay social insurance, specifically, the local average monthly salary in the previous year. According to this benchmark, workers and employers will determine their own expenses. The social security payment base is 60%-300% of the average social wage.

The social security base is calculated according to the average monthly income of all employees' wages in the previous year, including hourly wages, piece-rate wages, bonuses, allowances and overtime wages. The social security base has an upper limit and a lower limit, depending on the actual situation in different places, because the average monthly wage income varies from place to place, but the calculation method is the same:

The lower limit of the social security base is that the wage income of employees is lower than 60% of the average monthly wage of employees in provinces and cities in the previous year, which is regarded as the payment base.

Article 62 of People's Republic of China (PRC) Social Insurance Law?

If the employer fails to declare the amount of social insurance premiums that should be paid according to the regulations, the amount that should be paid shall be determined according to 1 10% of the amount paid by the unit last month; After the payment unit completes the declaration procedures, the social insurance fee collection agency shall make settlement in accordance with the provisions.