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Employee Benefits in China

  • March 2015
  • -
  • Timetric
  • -
  • 44 pages

Summary

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Synopsis
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.

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 is continuously trying to improve its social security system by extending cover and, as a result, more than 70% of the country’s population is now covered by health schemes. 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. According to the 2012 Statistical Bulletin on Human Resource and Social Security Development released by the MHRSS, the country’s social security system recorded annual revenue growth of 20.2%, reaching CNY2.89 trillion (US$4.58 billion), while social security expenditure rose by 22.9% to CNY2.22 trillion (US$3.52 billion). As most social security schemes do not meet employees’ requirements, several private companies offer voluntary supplementary schemes.

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, short-term sickness benefits, medical benefits, workmen's compensation, maternity and paternity benefits, housing fund, unemployment benefits 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 China 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 China employee benefits, and their impact on companies.

Key Highlights
- The Chinese social security system consists of social insurance, social mutual help, social welfare and social relief

- 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

- The local government coordinates with private employers to provide supplement retirement plans in some cities, but these plans are not compulsory

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