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Subject: On April 4th, the "Comprehensive Plan for Reducing Social Insurance Rate" was released, and the program will be implemented on May 1
Excerpt: English text from the archived bilingual edition · Chinese edition
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On April 4th, the "Comprehensive Plan for Reducing Social Insurance Rate" was released, and the program will be implemented on May 1. This year, it is expected to reduce the burden of 300 billion yuan for enterprises
According to the plan, the province's basic endowment insurance (including enterprises, institutions and institutions), the proportion of provinces with a contribution rate higher than 16% fell to 16%. Compared with the current 20% or 19% rate level in most provinces, this rate is reduced by 3-4% at a time, which is equivalent to a 1/5 reduction
The financial department and the human and social departments have formulated countermeasures to ensure that the pensions are paid in full and on time
1. Increase financial subsidies at all levels. In 2019, the central government allocated 528.5 billion yuan of basic endowment insurance subsidies for enterprise employees, a year-on-year increase of 9.4%. Local finance will also arrange corresponding subsidy funds
2. increase the proportion of the central adjustment fund. This year, the proportion of basic pensions in each province is expected to increase from 3% in 2018 to 3.5%. It is estimated that the size of the central adjustment fund will reach 600 billion yuan in 2019, and the benefit of the beneficiary province will reach 160 billion yuan
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