Yesterday, Wuxi Municipal Bureau of Human Resources and Social Security held a press conference on adjusting social insurance rates. The biggest highlight of the adjustment is that the proportion of enterprise's contribution to employee's basic endowment insurance will drop to 16 percent, down 4 percentage points. It is estimated that in 2019, this reduction alone will reduce the contribution burden of endowment insurance for urban enterprises by 2.53 billion yuan. It is worth mentioning that, compared with the adjustments of other cities in the province, our city's reduction rate reaches the largest reduction stipulated by the province.
"After the reduction, the threshold for enterprises to participate in the insurance will be lowered, which can not only enhance the vitality and development momentum of enterprises, improve the enthusiasm of enterprises and employees to participate in the insurance, but also can bring more employees into the pension system." Yang Qiaoliang, Deputy Director of Wuxi Municipal Bureau of Human Resources and Social Security, said the new policy will help promote the sustainable development of the city's endowment insurance system.
