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notice of shanghai municipality on adjustment of housing provident fund contribution base and rates as well as upper and lower limits of monthly contributions for fiscal year 2024

 shanghai housing provident fund management committee [2024] no. 5

to all units liable to make housing provident fund contributions:　

　　in accordance with relevant stipulations in the regulations on the administration of the housing provident fund, the provisions of shanghai municipality on the administration of the housing provident fund, and the measures of shanghai municipality on the administration of housing provident fund contributions, we have made adjustments to policies pertaining to housing provident fund contribution bases, contribution rates as well as upper and lower limits of monthly contributions in light of the current situation of this municipality, after deliberation and ratification by the shanghai housing provident fund management committee. we hereby notify you of the aforesaid adjustments for fiscal year 2024:

　　 i. contribution base and calculation method

　　all units shall calculate their employees’ average monthly salaries according to the average monthly salary calculation method adopted by shanghai municipal bureau of statistics, and determine housing provident fund monthly contributions by using employees’ average monthly salaries as payment bases. all units shall inform their employees of the ratification results within one month after having employees’ housing provident fund monthly contributions ratified so as to protect their legitimate rights and interests.

　　as of july 1, 2024, employees’ housing provident fund contribution bases shall be adjusted from the average monthly salaries of 2022 to the average monthly salaries of 2023. for an employee starting his or her first job as of january 1, 2024,the second month’s salary-based income or the year-to-date average monthly salary actually taken since employment shall be used as the housing provident fund contribution base.for an employee newly re-employed by the present unit as of january 1, 2024, the first month’s salary-based income upon the re-employment or the average monthly salary actually taken after the re-employment shall be used as the housing provident fund contribution base.

　　the housing provident fund contribution base shall neither exceed rmb 36,921, nor fall below rmb 2,690.

　　ii. contribution rates

　　(i) housing provident fund contribution rates

　　the housing provident fund contribution rates of employees and units shall both be 5% to 7% (whole number). contributing units may determine the contribution rate within the range at their own discretion.

　　(ii) supplementary housing provident fund contribution rates

　　contributing units may opt to participate in the supplementary housing provident fund system on a voluntary basis, with the contribution rates of employees and units for the supplement housing provident fund both ranging from 1% to 5% (whole number). actual contribution rates shall be decided upon by contributing units according to their actual situation.

　　(iii) reduced contribution rates or deferred contributions

　　applications may be submitted by eligible enterprises for approval of reduced contribution rates or deferred housing provident fund contributions pursuant to relevant rules specified in the measures of shanghai municipality on the administration of housing provident fund contributions [shpfmc (2023) no.3].

　　iii. monthly contribution amounts

　　housing provident fund monthly contribution amount = the contribution base multiplied by the employee’s housing provident fund contribution rate the contribution base multiplied by the unit’s housing provident fund contribution rate.

　　the same method applies to the calculation of the supplementary housing provident fund monthly contribution amount.

　　iv.  upper and lower limits of monthly contribution amounts

　　(i) upper and lower limits of housing provident fund monthly contribution amounts

　　should the housing provident fund contribution rates of an employee and his or her unit be both 7%, the corresponding upper limit of the monthly contribution amount is rmb 5,168.

　　should the housing provident fund contribution rates of an employee and his or her unit be both 7%, the corresponding lower limit of the monthly contribution amount is rmb 376.

　　(ii) upper and lower limits of supplementary housing provident fund monthly contribution amounts

　　should the supplementary housing provident fund contribution rates of an employee and his or her unit be both 5%, the corresponding upper limit of the monthly contribution amount is rmb 3,692.

　　should the supplementary housing provident fund contribution rates of an employee and his or her unit be both 5%, the corresponding lower limit of the monthly contribution amount is rmb 270.

　　the upper and lower limits of monthly contribution amounts corresponding to each contribution rate are detailed in the attached table.

　　moreover, the upper and lower limits of monthly contribution amounts for urban individual businesses and their employees, as well as freelancers shall also refer to the attached table.

　　v. notes

　　1. in an effort to continuously optimize the business environment and increasingly facilitate tax payment, shanghai provident fund management center shares declaration data of employees’ salaries for the contribution to social insurance premiums with shanghai municipal tax service. upon the authorized consent by units, declaration data of employees’ yearly salaries for the contribution to social insurance premiums can be applied to housing provident fund contribution base adjustments for the purpose of filling in employees’ salary information in advance, and thus units will not need to repeat the procedure of filling in their employees’ average monthly salary information. should any anomaly, such as the disparity between social insurance information and housing provident fund information, result in the failure in filling in employees’ salary information in advance, units need to complete salary information filling by themselves.

　　2. units will not need to go through the formalities for the base adjustment provided that they have already completed the housing provident fund contribution base adjustment for the year 2024. should the filled salaries of any employees among such units exceed the upper limit (rmb 36,549) of the housing provident fund contribution base for the year 2023, shanghai provident fund management center will, based on the filled salaries by the units, voluntarily adjust the contribution bases and monthly contribution amounts for such employees as per the 2024 contribution base rule and notify the units of such results.

　　3. within the same housing provident fund year, units may apply for changes in the contribution rate as needed.

　　please be notified and proceed accordingly.

　　attachment: table of monthly contribution limits to the housing provident fund in shanghai for the year 2024

　　shanghai housing provident fund management committee

　　july 31, 2024

attachment:

table of housing provident fund monthly contribution amount upper and lower limits corresponding to each contribution rate for the year 2024 in shanghai municipality