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Employee Benefits in China

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

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

Table Of Contents

Employee Benefits in China
Table of Contents
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 Housing Fund
6.7.1 Introduction
6.7.2 Eligibility
6.7.3 Benefits
6.7.4 Payment options
6.7.5 Typical employer practice
6.7.6 Employers and employees contributions
6.7.7 Taxation
6.8 Unemployment
6.8.1 Introduction
6.8.2 Eligibility
6.8.3 Benefits
6.8.4 Payment options
6.8.5 Employee and employer contributions
6.8.6 Taxation
7 Private Benefits
7.1 Retirement Benefits
7.2 Disability Benefits
7.3 Death Benefits
7.4 Medical and Health Benefits
7.5 Other Benefits
8 Macroeconomic Indicators
8.1 Economic Performance
8.1.1 GDP at constant prices
8.1.2 GDP per capita at constant prices
8.1.3 GDP at current prices
8.1.4 GDP per capita at current prices (US$)
8.1.5 GDP by key sectors
8.1.6 Inflation rate
8.1.7 Annual average exchange rate US$-CNY
8.1.8 Unemployment rate
8.2 Demographics
8.2.1 Total population
8.2.2 Labor force
8.2.3 Urban and rural populations
9 Appendix
9.1 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric's Services
9.5 Disclaimer

List of Tables
Table 1: Definitions
Table 2: China - Country Statistics
Table 3: Chinese Retirement Benefits - Age
Table 4: Chinese Long-Term Disability Benefits - Benefits According to Grades of Disability
Table 5: Chinese Sickness Benefits - Non Work-Related Benefits for Medical Treatment for Less Than Six Months
Table 6: Chinese Sickness Benefits - Non Work-Related Benefits for Medical Treatment for More Than Six Months
Table 7: Chinese Unemployment Benefit - Period of Contribution vs Duration of Benefit

List of Figures
Figure 1: Major Institutions of the Chinese Social Security System
Figure 2: China's Old-Age Pension System
Figure 3: Chinese GDP at Constant Prices (US$ Billion), 2009-2013
Figure 4: Chinese GDP Per Capita at Constant Prices (US$), 2009-2013
Figure 5: Chinese GDP at Current Prices (US$ Billion), 2009-2013
Figure 6: Chinese GDP Per Capita at Current Prices (US$), 2009-2013
Figure 7: Chinese GDP by Key Sector (%), 2008-2012
Figure 8: Chinese Inflation Rate (%), 2009-2013
Figure 9: Chinese Annual Average Exchange Rate US$-CNY, 2009-2013
Figure 10: Chinese Unemployment Rate (%), 2009-2013
Figure 11: Chinese Total Population (Absolute), 2009-2013
Figure 12: Chinese Size of Labor Force (Million), 2008-2012
Figure 13: Chinese Urban and Rural Populations (%), 2009-2013

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