18 December 2023
The Shenzhen Human Resources and Social Security Bureau, Shenzhen Municipal Bureau of Finance and Shenzhen Municipal Tax Service, State Taxation Administration (“the authorities”) issued the “Notice in relation to the Adjustment of Lower Limit of the Employee Basic Pension Insurance Base” (“the Notice”) on 18 December 2023. The authorities announced that from 1 January 2024 to 30 June 2024, the payment of the employee basic pension insurance base is not less than RMB 3,523 per month. Starting from 1 July 2024, the lower limit of the payment base shall be the same as the minimum standard of the employee basic pension insurance base in Guangdong Province. This Notice shall be effective from 1 January 2024 and valid for 5 years.