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back to index backGLOBALtalk November,  2015


China: New National Guidelines on Workers Compensation Premiums and the Impact on Payrolls

Employer Action Code: Act

The Ministry of Human Resources and Social Security (MoHRSS) has announced new guidelines on premiums that should result in lower payroll costs for workers compensation insurance for employers in low-risk industries. Under the new rules, effective October 1, 2015, rates will be based on eight different industry risk categories (compared with three now). The rate payable by an enterprise will be a "floating" rate, adjusted every one to three years, based on claims, workplace or occupational hazards and other factors.

In an unrelated development, premiums for maternity insurance could also be reduced, to 0.50% or lower, as of the same date, but the amount by which the premium may be reduced will depend on the current state of financing for the local maternity fund. According to the MoHRSS guidance, local funds should have financial resources equal to around six to nine months of benefit expenditures. Where local funds have resources in excess of that amount, the funding rate should be reduced.

Key Details

Industry risk categories and approximate employer contributions for workers compensation (as a percentage of payroll) under the new system are as follows:

To read entire article, including graphs and charts, please click here.

Source: Towers Watson - GAI




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