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News & Policies
Average salary’s adjustment in Shanghai!
Social fund
According to the latest statement from Labor bureau, average employee’s salary of 2020 in Shanghai will be raised to RMB124,056 (10,338RMB/month). The lowest base will be 60% of average salary of 2020.
Considering the impact of the new crown pneumonia epidemic on economic and social development, in order to reduce the burden on enterprises, the government states the lower limit of the city’s social security payment base will be in place in two years and will be adjusted to 5,975 RMB/month from July 1, 2021.
Housing fund
From July 1, 2021, the payment base of Shanghai’s employee housing provident fund has been adjusted from the average monthly salary in 2019 to the average monthly salary in 2020.
The maximum deposit base of housing provident fund and supplementary housing provident fund shall not exceed RMB 31,014, and the minimum shall not be less than RMB 2,480.
Note：
(1) Housing provident fund payment and deposit ratio
In 2021, the housing provident fund payment and deposit ratios of the employees themselves and the units are 5%-7% (rounded values). Units can independently determine the specific payment and deposit ratio of housing provident fund within the above-mentioned ratio range.
(2) Supplementary housing provident fund deposit ratio
Enterprises that pay the housing provident fund can participate in the supplementary housing provident fund system on a voluntary basis. The payment and deposit ratio of supplementary housing provident fund for the employees themselves and the unit is 1%-5% (rounded up), and the specific ratio is determined by each unit according to the actual situation.
(3) Lowering or deferring payment of housing provident fund
Enterprises that meet the prescribed conditions can apply for a reduction in or postponement of the housing provident fund payment ratio in accordance with the relevant regulations of Shanghai Municipality on the Administration of Lowering the Housing Provident Fund Payment Ratio or Delaying the Payment of Housing Provident Funds.