Notice from the Human Resources and Social Security Department of Guangdong Province, Department of Finance of Guangdong Province and the Guangdong Provincial Tax Service, State Taxation Administration on issuing the Notice on Transitional Measures on the Basic Pension Payment Ratio for Urban Employees (YueRenSheGui [2019] No. 11)

30 April 2019

The Guangdong Provincial Tax Service, State Taxation Administration issued the above notice on transitional measures on the basic pension payment ratio for urban employees on 30 April 2019. The notice is effective from 1 May 2019 and is valid for 5 years. From the effective date onwards, the Guangdong provincial authorities would reduce the pension payment ratio for institutions (also known as civil servant pension) from 20% to 16%. For cities with enterprise pension payment ratio of 13%, the payment ratio will be raised to 14% by the end of 2020.