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 Measures for Enterprise Annuities Issued
Category:Legislative Updates  
Subject:Legal system  
Keywords:annuities;  departments;  wages
Publish Date:01-03-2018
Recently, the Ministry of Human Resources and Social Security and the Ministry of Finance (MOF) jointly issued the Measures for Enterprise Annuities, effective from February 1, 2018.
According to the Measures, the annual contribution by an enterprise should not exceed 8% of the total wages of employees of the enterprise, and the total contribution by the enterprise and its employees should not exceed 12% of the total wages of employees of the enterprise. The maximum amount transferred into the personal account of an employee under an enterprise annuity out of the enterprise's contribution for the current period should not exceed five times the average. After an employee or retiree dies, the balance in his or her personal account under an enterprise annuity may be inherited. An enterprise may agree with its employee that the enterprise's contribution transferred into its employees' personal accounts under an enterprise annuity and investment returns belong to the employees from the beginning for a period not exceeding eight years, with several exceptions, or belong to the employees gradually based on the years of service at the enterprise.
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