06 August 2024
The Department of Human Resources and Social Security in Guangdong Province (“the authorities”) issued the “Notice in relation to the Guiding Opinions on Social Assistance for Urban and Rural Residents to Participate in Urban and Rural Residents’ Basic Pension Insurance in Guangdong Province” (“the Notice”) on 6 August 2024. The authorities proposed that natural persons, legal persons, and other organizations can choose to provide financial assistance for basic pension insurance contributions to participants. The total amount of social assistance received by a participant each year shall not exceed the maximum individual contribution standard prescribed by the local basic pension insurance policy for urban and rural residents. The Notice is effective from 6 August 2024 and valid for 5 years.