Employee Benefits in China, 2022 Update - Key Regulations, Statutory Public and Private Benefits, and Industry Analysis

Employee Benefits in China, 2022 Update - Key Regulations, Statutory Public and Private Benefits, and Industry Analysis

Summary

China is the world’s largest country, based on population. Despite being the second-largest economy in terms of nominal GDP and purchasing power parity after the US, its development is not uniform. China’s social security system includes various types of social insurance schemes, social assistance, and supplementary schemes. The Ministry of Human Resources and Social Security (MHRSS), which administers the Social Insurance Law, is the apex body responsible for the effective functioning of the country’s social security system. As most social security schemes do not meet employees’ requirements, several private companies offer voluntary supplementary schemes.

The report provides in-depth industry analysis, information, and insights of the employee benefits in China, including an overview of the state and compulsory benefits in China, detailed information about the private benefits in China, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in China

Key Highlights

• The Ministry of Human resources and Social security and Labor Contract Law of China are responsible for the functioning of the overall social security system.
• A person’s national insurance contribution is determined based on their income.
• An insured person who is unemployed or unable to work and whose benefits have been exhausted is entitled to credited contribution.
• In China, employers provide voluntary retirement benefits to their employees through occupational pension schemes, master trust and automatic enrollment.

Scope

This report provides a detailed analysis of employee benefits in China -

• It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits
• It covers an exhaustive list of employee benefits, including retirement benefits, death in service, long-term disability benefits, medical benefits, workmen's compensation insurance, maternity and paternity benefits, unemployment, Housing Fund, leaves and holidays and private benefits
• It highlights the economic and regulatory situations relating to employee benefits in China

Reasons to Buy

• Make strategic decisions using in-depth information related to employee benefits in the country
• Assess employee benefits of the market, including state and compulsory benefits and private benefits
• Gain insights into the key employee benefit schemes offered by private employers in the country
• Gain insights into key organizations governing employee benefits market, and their impact on companies