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Adjustment of Contribution Base and Rates for Housing Provident Fund for 2019 in Guangzhou

According to the Notice on the Adjustment of Contribution Base and Rates for Housing Provident Fund issued by Guangzhou Housing Provident Fund Administration Centre on June 18, 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 current lowest standard salary as announced by the labor 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 RMB2,100 and RMB27,960.

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 for one time from 1 July 2019 to 31 December 2019.

5. The above adjustments shall take effect from July 1, 2019, till June 30, 2020. If the employer fails to make adjustment in 2019, the company’s housing provident fund account will be locked up until annual adjustments have proceeded, and the employer shall make up the balance accordingly.

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