July
There may be multiple adjustments to your salary!
01
Adjustment of provident fund and social security contributions
Generally speaking, the housing provident fund is adjusted for an annual unit from July 1 of the previous year to June 30 of the current year.
Many employers will adjust the provident fund contribution base and monthly contribution amount for employees according to their average monthly salary in the previous calendar year after completing the remittance business in June every year.
If your CPF adjustment has been completed, be sure to check whether your CPF contribution has gone up or down when you get your payslip in the near future.
Specifically-
■The monthly contribution amount of the employee's housing provident fund is the average monthly salary of the employee in the previous year multiplied by the proportion of the employee's housing provident fund contribution.
■The monthly contribution amount of the housing provident fund paid by the unit for the employee is the average monthly salary of the employee in the previous year X the proportion of the housing provident fund contribution of the unit.
Although some employees have less wages in July, this is not a bad thing, because the overpayment goes to your CPF account and social security account. It is good for buying a house, repaying loans, medical insurance, and future pensions. Moreover, whether it is an individual or a unit, the housing provident fund belongs to the individual employee.
02
Provident fund balance is subject to interest
According to the Regulations on the Administration of Housing Provident Fund, the housing provident fund shall be calculated at the interest rate stipulated by the state from the date of deposit into the employee's housing provident fund account.
According to the relevant regulations of the People's Bank of China, the interest settlement date of the provident fund is June 30 of each year, and the interest settlement year is from July 1 of the previous year to June 30 of the current year. After the interest is settled, it will be automatically transferred to the employee's housing provident fund account.
Interest amount = personal account funds × actual number of days × annual interest rate ÷360
The deposit interest rate of the employee's housing provident fund account shall be uniformly implemented according to the benchmark interest rate of one-year time deposit.
03
High temperature allowance
According to the Measures for the Administration of Heatstroke Prevention and Cooling Measures, workers who are engaged in high-temperature work are entitled to post allowances in accordance with the law.
If an employer arranges for an employee to work outdoors in a hot weather above 35°C and fails to take effective measures to reduce the temperature of the workplace to below 33°C, it shall pay the employee a high temperature allowance and include it in the total salary.
The standard of high temperature allowance shall be formulated by the provincial human resources and social security administrative department in conjunction with relevant departments, and shall be adjusted in a timely manner according to the social and economic development situation.
The timing of the payment of the heat allowance is not consistent in different places, but many places start to pay this money in June or July.
Guys
Take a look at your salary for the month
Is there any change~\
Recommended readings in previous issues
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Andy Lau was awarded the award
Good news! The two transportation projects in Gansu were completed and opened to traffic
END
Sources: China News Service, China Accounting Daily, Labor Daily, Workers' Daily, People's Daily
Editor: Gao Liping
Reviewer: He Liang
Editor in charge: Jiang Wentao