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Employee Benefits in China 2018

Employee Benefits in China 2018

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, 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 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: 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 country’s 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.


    1 EXECUTIVE SUMMARY
    2 INTRODUCTION
    2.1 What is this Report About?
    2.2 Definitions
    3 COUNTRY STATISTICS
    4 OVERVIEW OF EMPLOYEE BENEFITS IN CHINA
    5 REGULATIONS
    6 STATE AND COMPULSORY BENEFITS
    6.1 Retirement Benefits
    6.1.1 Introduction
    6.1.2 Types of Retirement Plan
    6.1.3 Eligibility
    6.1.4 Age
    6.1.5 Pensionable Salary
    6.1.6 Benefits
    6.1.7 Payment Options
    6.1.8 Typical Employer Practice
    6.1.9 Employee and employer contributions
    6.1.10 Taxation
    6.2 Death in Service
    6.2.1 Introduction
    6.2.2 Eligibility
    6.2.3 Benefits
    6.2.4 Payment Options
    6.2.5 Typical Employer Practice
    6.2.6 Employee and employer contributions
    6.2.7 Taxation
    6.3 Long-Term Disability Benefits
    6.3.1 Introduction
    6.3.2 Eligibility
    6.3.3 Benefits
    6.3.4 Employee and employer contributions
    6.3.5 Taxation
    6.4 Short-Term Sickness Benefits
    6.4.1 Introduction
    6.4.2 Eligibility
    6.4.3 Benefits
    6.4.4 Payment Options
    6.4.5 Typical Employer Practice
    6.4.6 Employee and employer contributions
    6.4.7 Taxation
    6.5 Medical Benefits
    6.5.1 Introduction
    6.5.2 Eligibility
    6.5.3 Benefits
    6.5.4 Typical Employer Practice
    6.5.5 Employee and employer contributions
    6.5.6 Taxation
    6.6 Maternity and Paternity Benefits
    6.6.1 Introduction
    6.6.2 Eligibility
    6.6.3 Benefits
    6.6.4 Payment Options
    6.6.5 Employee and employer contributions
    6.7 Workmen’s Compensation Insurance
    6.7.1 Introduction
    6.7.2 Eligibility
    6.7.3 Benefits
    6.7.4 Payment Options
    6.7.5 Employee and employer contributions
    6.7.6 Taxation
    6.8 Housing Fund
    6.8.1 Introduction
    6.8.2 Eligibility
    6.8.3 Benefits
    6.8.4 Payment Options
    6.8.5 Typical Employer Practice
    6.8.6 Employee and employer contributions
    6.8.7 Taxation
    6.9 Unemployment Benefits
    6.9.1 Introduction
    6.9.2 Eligibility
    6.9.3 Benefits
    6.9.4 Payment Options
    6.9.5 Employee and employer contributions
    6.9.6 Taxation
    6.10 Leaves and Holidays
    6.10.1 Annual leave
    6.10.2 Public holidays
    7 PRIVATE BENEFITS
    7.1 Retirement Benefits
    7.2 Disability Benefits
    7.3 Death Benefits
    7.4 Medical and Health Benefits
    7.5 Work Injury Benefits
    7.6 Other Benefits
    8 APPENDIX
    8.1 Methodology
    8.2 Contact GlobalData
    8.3 About GlobalData
    8.4 GlobalData’s Services
    8.5 Disclaimer
    List of Tables
    Table 1: Insurance Industry Definitions
    Table 2: China - Country Statistics
    Table 3: Chinese Retirement Benefits - Age
    Table 4: Chinese Sickness Benefits - Non Work-Related Benefits for Medical Treatment for Less Than Six Months
    Table 5: Chinese Sickness Benefits - Non Work-Related Benefits for Medical Treatment for More Than Six Months
    Table 6: Chinese Long-Term Disability Benefits - Benefits According to Grades of Disability
    Table 7: Chinese Unemployment Benefit - Period of Contribution vs. Duration of Benefit
    Table 8: Leave - Fixed National and Public Holidays
    List of Figures
    Figure 1: China - Main Institutions of Social Security System
    Figure 2: China - China’s Old-Age Pension System

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