Plan for promoting employment during the 13th Five Year Plan period
The State Council has issued a plan for promoting employment during the 13th Five Year Plan period, which clarifies the guiding ideas, basic principles, major objectives, key tasks, and guarantee measures for promoting employment. According to the plan, by 2020, the employment scale will be expanded, while employment quality will further improve. New job opportunities in cities and towns will exceed 50 million in total, and the registered unemployment rate nationwide in cities and towns will be brought down under five percent. Nine specific tasks, including building a new-type employment model under the sharing economy, implementation of an entrepreneurship and innovation talent introduction program, supporting migrant workers to return to home to carry out pilot programs of entrepreneurship, implementation of an entrepreneurship training program, a program to advance the development of human resources service industry, have been identified to meet the requirements of the plan.
Benefits unchanged after childbirth insurance and medical insurance schemes merge
The General Office of the State Council has announced a pilot program for merging childbirth insurance and basic employee medical insurance, which will be carried out in the cities of Handan, Jinzhong, Shenyang, Taizhou, Hefei, Weihai, Zhengzhou, Yueyang, Zhuhai, Chongqing, Neijiang, and Kunming. The merging of the two insurances will not affect the benefits of either insurance programs, and will only involve the integration of management. In fact, the improvement of the fund pooling capability will mean that insured employees will enjoy higher benefits.
Eligible employees in Fujian allowed 10 days paid leave to take care of elderly parents each year
The Provincial Department of Human Resources and Social Security of Fujian Province has passed a regulation which guarantees the rights and benefits of the elderly people. While emphasizing issues such as family guarantee, social security, and social benefits of elderly people, it also stipulates that 10 days of leave a year will be granted to employees whose parents are 1) over the age of 60; and 2) are hospitalized, so that children may have time to look after their parents. The regulation will come into effect on March 1, 2017, and employers in violation of the regulation will be fined RMB 2,000 to 20,000.
Promoting reform and innovative growth of development zones
The General Office of the State Council has issued opinions on promoting reform and innovative growth of development zones. It encourages the development zones to actively attract foreign investment and undertake international industrial transfer, in addition to creating support for multinational enterprise groups to carry out cross-border RMB fund pool businesses. It also sets guidelines for work to permit the eligible enterprises in development zones to borrow funds in foreign currencies and RMB in the form of loans and issuance of bonds, under a framework of full range foreign debts and prudential management of capital flow. Customs special supervision zones such as export processing zones and bonded port areas that meet the requirements will be combined into comprehensive bonded zones gradually and support the eligible development zone development and operating enterprises to become listed and issue bonds for fundraising at home and abroad.
Asia Briefing Ltd. is a subsidiary of Dezan Shira & Associates. Dezan Shira is a specialist foreign direct investment practice, providing corporate establishment, business advisory, tax advisory and compliance, accounting, payroll, due diligence and financial review services to multinationals investing in China, Hong Kong, India, Vietnam, Singapore and the rest of ASEAN. For further information, please email email@example.com or visit www.dezshira.com.
Stay up to date with the latest business and investment trends in Asia by subscribing to our complimentary update service featuring news, commentary and regulatory insight.
Dezan Shira & Associates Brochure
Dezan Shira & Associates is a pan-Asia, multi-disciplinary professional services firm, providing legal, tax and operational advisory to international corporate investors. Operational throughout China, ASEAN and India, our mission is to guide foreign companies through Asia’s complex regulatory environment and assist them with all aspects of establishing, maintaining and growing their business operations in the region. This brochure provides an overview of the services and expertise Dezan Shira & Associates can provide.
An Introduction to Doing Business in China 2017
Doing Business in China 2017 is designed to introduce the fundamentals of investing in China. Compiled by the professionals at Dezan Shira & Associates in January 2017, this comprehensive guide is ideal not only for businesses looking to enter the Chinese market, but also for companies who already have a presence here and want to keep up-to-date with the most recent and relevant policy changes.
Navigating HR Audits in China
Recent changes in China’s labor market have underscored the importance of having both an efficient HR system and a satisfied and reliable workforce, and the HR audit is a useful tool to ensure this. In this issue of China Briefing magazine, we provide a guide for conducting HR audits in China. We analyze why the HR audit is especially important for foreign companies operating in the country, and then detail the different HR audit models and procedures that are available to firms.