What other notable statutory benefits does China’s social security system offer?
Employers must provide employees with the six social security benefits below:
- Pension insurance (养老保险)
- Medical insurance (医保)
- Work injury insurance (工伤保险)
- Maternity insurance. This is an employer-only contribution, and contribution rates vary by location.
- Housing funds (住房公积金). Provincial governments determine the rate of contribution for housing funds, and typically both employers and employees will contribute. All contributions are deposited to the employee’s personal account. Employees may use these funds to purchase or repair their homes, or these funds can be withdrawn as a lump sum upon retirement. Expats are not required to make contributions to this fund in some cities.
- Unemployment insurance (失业保险). Unemployment insurance covers all urban employers and both employers and employees make contributions to this fund. The contribution rate varies by location.
Both employers and employees contribute to these funds.
Does Velocity Global provide travel insurance?
No, Velocity Global does not currently offer a travel insurance plan for China; however, an allowance may be provided instead. Supported employees may also purchase travel insurance and then be reimbursed.
Can Velocity Global help me offer additional maternity or parental leave to supported employees?
Yes, we can offer your supported employees maternity or parental leave beyond the statutory minimum.