China is lowering social insurance costs for employers after the State Council confirmed the decision at its meeting held on March 26.This follows Premier Li Keqiang’s pledge at the Two Sessions meetings, which were held earlier this month in Beijing, to lower costs for businesses by slashing tax and social insurance obligations, according to an article from China Briefing.
According to the State Council, regional governments should cut business’ social insurance obligations depending on the local government’s funding needs and the extent to which they deem it necessary to support the economy.
The move to slash employers’ social insurance obligations is one part of China’s broader agenda to reduce costs for businesses, together with cutting taxes and administrative hurdles.
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