Q:
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What do “five insurances and one fund” refer to?
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A:
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“Five insurances” refer to social insurance, which includes pension insurance, medical insurance, unemployment insurance, employment injury insurance and maternity insurance. Medical insurance and maternity insurance have been combined into one insurance from this year, however, in actual practice, relevant personnel still prefer to call it “five insurances”. “One fund” refers to housing provident fund.
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Q:
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What is joint declaration?
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A:
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For the convenience of companies, declaration of payment base could be handled by the Beijing Municipal Human Resources and Social Security Bureau this year. After the declaration is completed, the declaration data will be forwarded to the tax department, medical insurance department and housing provident fund department by the Beijing Municipal Human Resources and Social Security Bureau.
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Q:
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Why should the data be forwarded to the tax department, medical insurance department and housing provident fund department?
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A:
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Because the collection of social insurance premium of Beijing companies has been transferred to the tax department, the medical insurance and maternity insurance are under the management of Beijing Municipal Medical Insurance Bureau, and the housing provident fund is managed by the Beijing Housing Fund Management Centre.
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Q:
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When is the deadline for the declaration?
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A:
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July 25, 2020.
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Q:
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How to calculate the payment base?
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A:
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The average monthly salary of employees in 2019 (calendar year) is used as the base for declaration of “five insurances and one fund” of year 2020 and there are no upper and lower limits.
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Q:
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What are the consequences if no declaration is arranged?
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A:
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If the payment base for social insurance fails to be declared on time, the payment base for social insurance will be adjusted to 110% of the payment base of the previous month from July 2020.
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FAQ
