China extends the period of periodic reduction and exemption of corporate social insurance premiums

On June the 22nd, 2020, the Ministry of Human Resources and Social Security, the Ministry of Finance and the State Administration of Taxation issued a circular on the “extension of the implementation period of the policy of periodical reduction and exemption of social insurance premiums for enterprises” which specifies the implementation period of payment policies for enterprises with phased reduction and exemption of basic pension, unemployment insurance and work injury insurance.

In order to further help enterprises, especially small and medium-sized enterprises, cope with risks and difficulties, and reduce the payment burden of enterprises and low-income employee for this year, the circular announces the extension of the reduction and exemption of the three social insurance premium for enterprises until the end of December 2020.

Enterprises with serious difficulties in production and operation can continue to delay the payment of social insurance premiums until the end of December 2020, during which the overdue fine will be exempted.

Moreover, the lower limit of individual payment base of social insurance in each province in 2020 can be the same as the lower limit standard of 2019, and the upper limit of individual payment base can be adjusted normally according to regulations.

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