Employee Benefits in China

Published: Sep, 2014 | Pages: 44 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


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 
The regulatory framework and recent regulations relating to Chinese employee benefits 

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 Statistic 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$0.463 trillion), while social security expenditure rose by 22.9% to CNY2.22 trillion (US$0.355 trillion). 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 benefits, long-term disability benefits, short-term sickness benefits, medical benefits, maternity and paternity benefits, housing fund, unemployment and private benefits
It highlights the economic and regulatory situations relating to employee benefits in China 
Reason To Buy
 Make strategic decisions using in-depth information related to Chinese employee benefits
Assess the Chinese 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 regulations governing Chinese employee benefits, and their impact on companies 
Key Highlights
 Chinese social security system includes various types of social insurance schemes, and social assistance and supplementary schemes
The Chinese social security system is under a process, with an aim to unify the social security and benefit systems
The unified system consists of retirement, death in service, medical, unemployment, maternity and disability insurance, with state and compulsory benefits provided by the social insurance system
As the country's social security system is mandatory, and contributions to social security are relatively high, private employee benefit plans are not popular in China

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
3 Country Statistics
4 Overview of Employee Benefits in Chi
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 Pensioble 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: Chi - 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