What is the social security payment ratio?

The social security contribution ratio is as follows:

1. If the wage income of employees is higher than 300% of the local average wage of employees in the previous year, 300% of the local average wage of employees in the previous year will be used as the payment base;

2. If the wage income of employees is lower than 60% of the local average wage of employees in the previous year, 60% of the average wage of employees in the previous year is the payment base;

3. If the employee's salary is between 300% and 60%, it shall be truthfully declared. When the wage income of employees cannot be determined, the payment base shall be determined according to the local average wage of employees in the previous year published by the local labor administrative department.

Urban enterprises and institutions pay unemployment insurance premiums at 2% of total wages. Employees of urban enterprises and institutions pay unemployment insurance premiums according to one percent of their wages. Farmers contract workers recruited by urban enterprises and institutions do not pay unemployment insurance premiums. The basic medical insurance premium is paid by both the employer and the employee.

Legal basis: Article 10 of the Social Insurance Law of People's Republic of China (PRC).

Employees shall participate in the basic old-age insurance, and the employer and employees shall jointly pay the basic old-age insurance premium.

Individual industrial and commercial households without employees, part-time employees who have not participated in the basic old-age insurance in the employer and other flexible employees can participate in the basic old-age insurance, and individuals pay the basic old-age insurance premium.

The pension insurance measures for civil servants and staff members managed by reference to the Civil Service Law shall be stipulated by the State Banquet Socks Industry Fluid.