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Shanghai raises the bar for social insurance payment
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SHANGHAI has raised the bottom and top limit for social insurance premium payment, the city's human resources and social security bureau announced today.
The basic monthly premiums paid to the social security systems will be between 3,902 yuan and 19,512 yuan, or 60 percent and three times of the average income of local employees.
As the insurance premiums to the social security systems are usually paid as certain portions of an employee's average monthly income in the previous year, a bottom line and a top limits have been put in.place by the government according to the average income of all employees to protect the low-income people and balance the high-income groups.
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