Is there a basis for capping the social security late payment fee of 8000

There is a basis for capping the social security late payment fee of 8000. The upper limit of the late payment fee is 40% of the principal, and the maximum amount cannot exceed 8,000 yuan. If it exceeds 8,000 yuan, the overdue fine shall be calculated according to the amount of unpaid social insurance premiums and the number of days in arrears. The calculation method is: the late payment fee is equal to the payable social insurance premium multiplied by the number of days in arrears multiplied by the late payment fee ratio (generally five ten thousandths). The collection of social security late fees is based on legal obligations, and the payer (employer or individual) has the legal obligation to pay social insurance premiums in full and on time. If this obligation is violated, there will be a late payment fee. The collection of late payment fee is not a fine, but an economic compensation for failing to fulfill the payment obligation on time.