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Employee Benefits in China 2021

Employee Benefits in China 2021

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’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 the effective functioning of the country’s social security system. As most social security schemes do not meet employees’ requirements, several private companies offer voluntary supplementary schemes.

The report provides in-depth industry analysis, information, and insights of the employee benefits in China, including an 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 and the regulatory framework of the employee benefits in China.

Key Highlights

- The Ministry of Human Resources and Social Security (MHRSS) is responsible for the functioning of the overall social security system.
- A person’s national insurance contribution is determined based on their income.
- An insured person who is unemployed or unable to work and whose benefits have been exhausted is entitled to credited contribution.
- In China, employers provide voluntary retirement benefits to their employees through voluntary defined contribution.

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, long-term disability benefits, medical benefits, workmen's compensation insurance, maternity and paternity benefits, family benefits, unemployment, leaves and holidays and private benefits
- It highlights the economic and regulatory situations relating to employee benefits in China

Reasons to Buy

- Make strategic decisions using in-depth information related to employee benefits in China.
- Assess China’s 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 organizations governing China’s employee benefits, and their impact on companies.

Table of Contents
1 EXECUTIVE SUMMARY
2 INTRODUCTION
2.1 What is this Report About?
2.2 Definitions
3 COUNTRY STATISTICS
4 OVERVIEW OF EMPLOYEE BENEFITS IN CHINA
5 REGULATIONS
6 STATE AND COMPULSORY BENEFITS
6.1 Retirement Benefits
6.1.1 Introduction
6.1.2 Eligibility
6.1.3 Benefits
6.1.4 Payment options
6.1.5 Contributions
6.2 Death Benefits
6.2.1 Introduction
6.2.2 Eligibility
6.2.3 Benefits
6.2.4 Payment options
6.2.5 Contributions
6.3 Long-Term Disability Benefits
6.3.1 Introduction
6.3.2 Eligibility
6.3.3 Benefits
6.3.4 Payment options
6.3.5 Contributions
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 Contributions
6.5 Medical Benefits
6.5.1 Introduction
6.5.2 Eligibility
6.5.3 Benefits
6.5.4 Contributions
6.6 Workers’ Compensation Insurance
6.6.1 Introduction
6.6.2 Eligibility
6.6.3 Benefits
6.6.4 Payment options
6.6.5 Contributions
6.7 Maternity and Paternity Benefits
6.7.1 Introduction
6.7.2 Eligibility
6.7.3 Benefits
6.7.4 Payment options
6.7.5 Contributions
6.8 Other Benefits
6.8.1 Unemployment Benefits
6.8.2 Housing Fund
6.8.3 Leaves and Holidays
7 PRIVATE BENEFITS
7.1 Retirement Benefits
7.2 Death Benefits
7.3 Disability Benefits
7.4 Medical Benefits
7.5 Accidental Death and Dismemberment
7.6 Other Benefits
8 APPENDIX
8.1 Methodology
8.2 Contact GlobalData
8.3 About GlobalData
8.4 GlobalData’s Services
8.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: China - Country Statistics
Table 3: China - Sickness Benefits, Non-Work-Related Benefits for Medical Treatment for Less Than Six Months
Table 4: China - Sickness Benefits, Non-Work-Related Benefits for Medical Treatment for More Than Six Months
Table 5: China - Long-Term Disability Benefits, Benefits According to Grades of Disability
Table 6: China - Unemployment Benefit, Period of Contribution vs. Duration of Benefit
Table 7: China - Fixed National and Public Holidays, 2021

List of Figures
Figure 1: China - Main Institutions of Social Security System
Figure 2: China - China’s Old-Age Pension System

Report Title: Employee Benefits in China 2021


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