Adjustment of Contribution Base and Rates for Housing Provident Fund for 2019 in Shenzhen
According to the Notice on the Adjustment of Contribution Base and Rates for Housing Provident Fund issued by Shenzhen Housing Provident Fund Administration Centre on June 11, 2019, the following adjustments shall be implemented.
1.Starting from July 1, 2019, the employer shall adjust the contribution base for the Housing Provident Fund. The new contribution base is the average salary of the employee in 2018.
2.The basis for the calculation of contribution, however, should not be less than previous year’s lowest standard salary as announced by the labour department and should not be more than 3 times of previous year’s average monthly salary as announced by the statistic department.
3.During the period from July 1, 2019 to June 30, 2020, the contribution base shall be between RMB2,200 and RMB27,927.
4.The contribution rate for both employer and employee should be between 5% to 12%. The employer may adjust the contribution rate according to its own situation in July 2019.
5.The above adjustments shall take effect from July 1, 2019 till June 30, 2020. If the employer fails to make the adjustment from July 1, 2019, it shall make up the balance accordingly.
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