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By: You Zhang
E-mail: you_zhang@hotmail.com

PRC Social Security Scheme „h Major Characteristic of PRC Social Security Scheme - Only applicable to Chinese local employees - Local requirements may vary from locality to locality. „h Structure of Social Security Scheme - Pension - Unemployment Insurance - Medical Insurance - Housing National Requirement - Pension „h ¡§Decisions of the State Council Concerning the Establishment of a Unified System of Basic Old-age Insurance for Staff and Workers of Enterprises¡¨(July 16, 1997) „h Structure of the Basic Pension Scheme - Requires mandatory participation by enterprises and employees; - Comprises 2 elements: a. Basic Pension Pooling Account b. Basic Pension Individual Account „h Enterprise Contribution - Maximum contribution of 20% of the total wages of the enterprises in general unless approved by Labour Bureau and Ministry of Finance. - For a foreign investment enterprise, the total wages only cover Chinese local......

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Approximate Word Count: 572
Approximate Pages: 3 (250 words per double-spaced page)

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