Recently, the Ministry of Human Resources and Social Security, the Ministry of Finance and the State Administration of Taxation jointly issued the Notice on the Phased Reduction of Unemployment insurance and work-related injury insurance rates, clarifying relevant issues.
According to the circular, the policy of gradually reducing unemployment insurance premiums to 1% will continue to be implemented starting from May 1, 2023, and the implementation period will be extended to the end of 2024. Within a provincial (autonomous region or municipality) administrative area, the unit rate and the individual rate shall be uniform, and the individual rate shall not exceed the unit rate. Starting from May 1, 2023, China will continue to implement the policy of gradually reducing the premium rate of work-related injury insurance in accordance with the relevant conditions of implementation issued by the State Office No. 13 [2019], and the implementation period will be extended to the end of 2024.