What can be even more difficult for employers to understand when hiring employees in China is managing contributions for the country’s Social Insurance and Housing schemes, which vary from region to region. Consider the following:
1. The amount of social insurance contributions are adjusted each year for every city, with the amount determined by using the average salary in each city.
2. Respective city officials often implement the changes at different times, increasing the administrative burden of the employer.
3. Employers must also be aware of the amount of the employee tax deductible for the Housing Fund of each region, in order to avoid incorrect tax computations and the resulting complications.
While understanding payroll in China can be difficult enough, properly executing payroll in compliance with regulations that vary from year to year and city to city can be almost impossible for organizations to manage on their own. Fortunately, Talent Spot team of highly experienced payroll specialists have an in-depth understanding of the nuances of China’s payroll regulations and stay on top of all changing legislation and contribution schedules. The company’s industry-leading management payroll services can help any multi-national corporation ensure their employees receive on-time and accurate compensation, while meeting compliance with all local and national regulations.
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