Convention on Minimum Standards of Social Security

The wage base of social security contributions is determined as the local (subject to the city) average wage income in the previous year, with a range of 60%-300%. 60% is the minimum repayment. For example, the average salary of employees in this area last year was 4,000 yuan/month, and then multiplied by 60%, it was 2,400 yuan/month. This data is the minimum payment wage standard for social security. Social insurance is the core of the national social security system, and it is a measure to ensure that workers get a certain degree of income compensation after losing their ability to work, so as to ensure a normal life. The social insurance system adheres to the principles of wide coverage, basic protection, multi-level and sustainability, and the level of social insurance should be compatible with the level of economic and social development. The social insurance administrative department of the local people's government at or above the county level shall be responsible for the social insurance management within its administrative area, and other relevant departments of the local people's government at or above the county level shall be responsible for the relevant social insurance work within their respective functions and duties.

Legal basis:

Article 64 of People's Republic of China (PRC) Social Insurance Law includes basic endowment insurance fund, basic medical insurance fund, industrial injury insurance fund, unemployment insurance fund and maternity insurance fund. All social insurance funds shall be accounted for according to the types of social insurance, and a unified national accounting system shall be implemented. The social insurance fund is earmarked for special purposes, and no organization or individual may occupy or misappropriate it. The basic old-age insurance fund will gradually implement national overall planning, and other social insurance funds will gradually implement provincial overall planning. The specific time and steps shall be stipulated by the State Council.