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Employee Benefits in China 2018

Published By :

GlobalData

Published Date : Dec 2018

Category :

Banking

No. of Pages : 45 Pages

Employee Benefits in China 2018

Summary

China is the worlds 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. Chinas social security system includes various types of social insurance schemes, and 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 effective functioning of the countrys 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: 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 Chinese social security system is under a process, with an aim to unify the social security and benefit systems.
- The Ministry of Human Resources and Social Security (MHRSS), which administers the Social Insurance Law, is the apex body responsible for effective functioning of the countrys social security system.
- Achieving universal social insurance cover is an important current policy priority of the Chinese government, which aims to achieve universal cover of basic social security insurance by 2020.
- While the employer as well as the employee establishes the contributions for basic pension, basic medical and unemployment benefits, work-related injury, and child-bearing insurance premiums are the sole responsibility of the employer.

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, family benefits, unemployment, leave 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 China.
- Assess Chinese employee benefits market, including state and compulsory benefits and private benefits.
- Gain insights into the key employee benefit schemes offered by private employers in China.
- Gain insights into key organizations governing Chinese employee benefits, and their impact on companies.
Table of Contents
1 EXECUTIVE SUMMARY 2
2 INTRODUCTION 10
2.1 What is this Report About? 10
2.2 Definitions 10
3 COUNTRY STATISTICS 14
4 OVERVIEW OF EMPLOYEE BENEFITS IN CHINA 15
5 REGULATIONS 16
6 STATE AND COMPULSORY BENEFITS 20
6.1 Retirement Benefits 22
6.1.1 Introduction 22
6.1.2 Types of Retirement Plan 23
6.1.3 Eligibility 23
6.1.4 Age 24
6.1.5 Pensionable Salary 24
6.1.6 Benefits 24
6.1.7 Payment Options 25
6.1.8 Typical Employer Practice 25
6.1.9 Employee and employer contributions 25
6.1.10 Taxation 26
6.2 Death in Service 27
6.2.1 Introduction 27
6.2.2 Eligibility 27
6.2.3 Benefits 27
6.2.4 Payment Options 28
6.2.5 Typical Employer Practice 28
6.2.6 Employee and employer contributions 28
6.2.7 Taxation 28
6.3 Long-Term Disability Benefits 29
6.3.1 Introduction 29
6.3.2 Eligibility 29
6.3.3 Benefits 29
6.3.4 Employee and employer contributions 29
6.3.5 Taxation 30
6.4 Short-Term Sickness Benefits 31
6.4.1 Introduction 31
6.4.2 Eligibility 31
6.4.3 Benefits 31
6.4.4 Payment Options 32
6.4.5 Typical Employer Practice 32
6.4.6 Employee and employer contributions 32
6.4.7 Taxation 32
6.5 Medical Benefits 33
6.5.1 Introduction 33
6.5.2 Eligibility 33
6.5.3 Benefits 33
6.5.4 Typical Employer Practice 33
6.5.5 Employee and employer contributions 33
6.5.6 Taxation 34
6.6 Maternity and Paternity Benefits 35
6.6.1 Introduction 35
6.6.2 Eligibility 35
6.6.3 Benefits 35
6.6.4 Payment Options 35
6.6.5 Employee and employer contributions 35
6.7 Workmens Compensation Insurance 36
6.7.1 Introduction 36
6.7.2 Eligibility 36
6.7.3 Benefits 36
6.7.4 Payment Options 37
6.7.5 Employee and employer contributions 37
6.7.6 Taxation 37
6.8 Housing Fund 38
6.8.1 Introduction 38
6.8.2 Eligibility 38
6.8.3 Benefits 38
6.8.4 Payment Options 38
6.8.5 Typical Employer Practice 38
6.8.6 Employee and employer contributions 38
6.8.7 Taxation 38
6.9 Unemployment Benefits 39
6.9.1 Introduction 39
6.9.2 Eligibility 39
6.9.3 Benefits 39
6.9.4 Payment Options 39
6.9.5 Employee and employer contributions 39
6.9.6 Taxation 39
6.10 Leaves and Holidays 39
6.10.1 Annual leave 39
6.10.2 Public holidays 40
7 PRIVATE BENEFITS 41
7.1 Retirement Benefits 41
7.2 Disability Benefits 41
7.3 Death Benefits 41
7.4 Medical and Health Benefits 41
7.5 Work Injury Benefits 42
7.6 Other Benefits 42
8 APPENDIX 43
8.1 Methodology 43
8.2 Contact GlobalData 43
8.3 About GlobalData 44
8.4 GlobalDatas Services 45
8.5 Disclaimer 46

List of Tables
Table 1: Insurance Industry Definitions 10
Table 2: China - Country Statistics 14
Table 3: Chinese Retirement Benefits - Age 24
Table 4: Chinese Sickness Benefits - Non Work-Related Benefits for Medical Treatment for Less Than Six Months 31
Table 5: Chinese Sickness Benefits - Non Work-Related Benefits for Medical Treatment for More Than Six Months 31
Table 6: Chinese Long-Term Disability Benefits - Benefits According to Grades of Disability 36
Table 7: Chinese Unemployment Benefit - Period of Contribution vs. Duration of Benefit 39
Table 8: Leave - Fixed National and Public Holidays 40

List of Figures
Figure 1: China - Main Institutions of Social Security System 21
Figure 2: China - Chinas Old-Age Pension System 22

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