NJ March 2022 Social Security Base Increase

Employee social security costs are all fixed contribution ratios, in accordance with the law employers and individual employees to bear 16% and 8% pension insurance, 9% and 2% medical insurance, 0.5% and 0.5% unemployment insurance. Individual employees also have to bear a separate $10 major medical insurance, and the employer has to bear 0.8% maternity insurance, 0.4% work injury insurance, and $4 garbage disposal fee. According to the minimum social security contribution base to participate in the insurance, then five insurance need to pay 1595 yuan. If the social security contribution base is raised, then the social security cost will also be raised.

The Ministry of Human Resources and Social Security issued the Measures for Administrative Supervision of Social Insurance Funds (Order No. 48 of the Ministry of Human Resources and Social Security, hereinafter referred to as the "Measures"), which will come into force on March 18, 2022 onwards. The Measures stipulate that legal liabilities for infringement of the social insurance fund can be categorized into three types: the first type is the legal liabilities related to social insurance management agencies and their staff. The second category is the legal responsibility related to fraud and insurance fraud. The third category is the violation of the recognition of work injury, early retirement, labor capacity assessment of legal responsibility.