Laws & Regulations
Supplementary Notice on Adjustment of Shanghai Municipality’s HPF Payment Rates for 2018
2018-06-26

SHGJJG No. 6 (2018) 

 

To All HPF Paying Units:

We hereby issue this supplementary notice regarding relevant issues in Notice on Adjustment of Shanghai Housing Provident Fund Payment Base &Upper and Lower Limits of Monthly Payment Amounts for Fiscal Year 2018 (SHGJJG No. 3-2018), in wake of deliberation and ratification by the municipal housing provident fund management committee in accordance with Notice of MOHURD, NDRC, MOF and PBOC on Streamlining Housing Provident Fund Payment Mechanism for Further Reduction of Corporate Cost (JJ No. 45-2018),

1. The HPF payment rates of employees and units for fiscal year 2018 shall both be 5% to 7%. All units may decide on the HPF payment rate within the 5-7 pct. range at their own discretion. The regulation on Additional HPF payment rates remains unchanged.

2. Those enterprises suffering from financial constraint due to business downturn, if eligible for application as per the regulations, may apply for reduced HPF payment rate or postponement of HPF payment. An enterprise may apply for a reduced rate of less than 5%. Any enterprise opting to apply for reduced HPF payment rate or postponement of HPF payment must submit the application to the municipal provident fund management center after discussion and approval of its workers’ congress or trade union. The municipal provident fund management center should review applications strictly according to the regulations for approval as authorized by the municipal housing provident fund management committee, with the maximum approval time set at 10 working days.

3. This Notice shall be effective as of the issue date, for a period of two years. This Notice shall prevail upon discovery of any discrepancies between this Notice and the provisions previously issued.

 

Shanghai Housing Provident Fund Management Committee

                         20 June 2018

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