In accordance with the decisions and deployments of the Central Committee of the Communist Party of China, the State Council, the Municipal Party Committee, and the Municipal Government, in order to further reduce the burden on employers and enhance the vitality of market entities, with the consent of the Municipal Government, and on the premise of ensuring that all social insurance benefits for employees are not affected and paid in full and on time, the policy of gradually lowering unemployment insurance and work-related injury insurance rates in Shanghai will continue to be implemented, and the implementation period will be extended for 20 months until the end of 2024.

Continue to periodically reduce unemployment insurance rates:

From May 1, 2023 to December 31, 2024, the unemployment insurance in Shanghai will continue to implement a 1% contribution ratio, with a unit contribution ratio of 0.5% and an individual contribution ratio of 0.5%.

Continue to periodically reduce work-related injury insurance rates:

From May 1, 2023 to December 31, 2024, the benchmark rate of work-related injury insurance for employers in Class 1 to Class 8 industries in this city will continue to be reduced by 20% on the basis of the industry benchmark rate set by the state, with an adjusted rate of 0.16% -1.52%.

All types of entities in Shanghai, including small and medium-sized enterprises and individual industrial and commercial households who participate in unit insurance, will generally benefit.

 From Shanghai HR & SS Bureau

2023-5-4