Employee Benefits in China

Date: 2015-09

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.

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