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At Innova Legal Consulting we believe that compliance with local labour laws, regulations, and housing funds in China are key to grow your business.
Whether you’re planning to open an office and hire local staff or you have already a team working in China, Innova Legal Consulting is here to help you navigate Chinese labour regulations, housing fund benefits in China, and ensure your company remains compliant at all times.
Chinese labor regulations establish mandatory payments of Social securities and Housing fund for workers. The main items of social insurance include pension insurance, medical insurance, unemployment insurance, and work-related injury insurance.
The housing fund policies in China includes saving fund paid for by enterprises and individuals by proportional monthly contributions. Workers can withdraw money from the fund to buy property.
Some key elements of Housing fund and social insurance are:
Social insurance payments are mandatory by Chinese law
The payment of social securities and housing fund is regarded as management costs, meaning it could be deducted from yearly profits
If a Company is non-compliant it risks being fined and subject to labor related disputes.
Policy Notification Our team always keeps an eye on policy changes, informing out client any new policies
Our professional team will make budgets for the payment based on local policy changes.
Our team will make payments at the right time without any loops on the payment records so your operation in China stays compliant with local labour regulations.
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When a Company is newly established we can register the social securities account and housing fund account on the government offical records
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We will analyze the labour conditions of each employee and assist the company making the proper payments.
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As the payment base of Social Security and Housing fund will change every year, our team will provide accurate and timely calculations each time so your Company can properly assess its total labour costs
Regional Disparities: Contribution rates and withdrawal regulations can vary significantly between different regions in China, which might impact the overall effectiveness of the Housing Fund.
Limited Flexibility: Withdrawal restrictions may limit the flexibility of using the accumulated funds for various housing-related purposes, potentially affecting an individual’s financial planning.
Impact on Employers: Employers bear a portion of the contribution burden, which can impact labor costs and affect the competitiveness of businesses, particularly smaller enterprises.
China’s Housing Fund Contribution system serves as a crucial mechanism in supporting citizens’ homeownership aspirations and improving housing conditions. Despite certain challenges and variations across regions, the fund remains a valuable resource for individuals seeking financial assistance in the housing market.
Understanding the nuances of the Housing Fund Contribution with Innova Legal Consulting can empower both employees and employers to make informed decisions regarding their savings, homeownership goals, and overall financial stability within the dynamic landscape of China’s real estate market.
Our team will help clients from multiple sectors, including importers, investors, retailers and others, to quickly and effectively understand local labor regulations. Making sure the local operation remains safe and risk free.
Get Started Now – Begin Your Journey Towards business with Innova Legal Consulting.
INNOVA LEGAL CONSULTING
Pingxingguan Road No.138, Office 1215 , Jingan District, Shanghai, China PM 200070
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