According to the Notice on the Adjustment of Contribution Base and Rates for Housing Provident Fund issued by Guangzhou Housing Provident Fund Administration Centre on June 23, 2020, the following adjustments shall be implemented.

1. Starting from July 1, 2020, the employer shall adjust the contribution base for Housing Provident Fund. The new contribution base is the average salary of the employee in 2019.
   
   
2. The basis for calculation of contribution, however, should not be less than current lowest standard salary as announced by the labour department and should not be more than 3 times of previous year’s average monthly salary of urban non-private enterprises as announced by the statistic department.
   
   
3. During the period from July 1, 2020 to June 30, 2021, the contribution base shall be between RMB2,100 and RMB30,876.
   
   
4. The contribution rate for both employer and employee should be between 5% to 12%. The employer may adjust the contribution rate according to its own situation for one time from 1 July 2020 to 30 November 2020.
   
   
5. The above adjustments shall take effect from July 1, 2020 till June 30, 2021. If the employer fails to make adjustment after December 1, 2020, the company’s housing provident fund account will be locked up until annual adjustments are proceeded, and the employer shall make up the balance accordingly.