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China's Revised social contribution basis

In China, each employee is required to be enrolled in the Chinese social security system and contribute monthly, along with the employer, to five social insurance schemes (besides the housing fund, that is managed separately): pension insurance, medical insurance, work-injury insurance, maternity insurance, and unemployment insurance. The contributions are made according to two parameters: i) the social contribution basis, which is the average monthly salary of the employee in the previous year, within the lower and upper limits defined by the authorities, and ii) the contribution rates.