Adjustment to the Municipality’s Housing Provident Fund Payment Base, Payment Rates & Upper and Lower Limits of Monthly Payment Amounts Effective as of 1st July-Shanghai Housing Provident Fund Website

In accordance with relevant stipulations of the State Council’s Regulations on Housing Provident Fund Administration and the Provisions of Shanghai Municipality on Housing Provident Fund Administration, adjustment has been made to policies pertaining to housing provident fund payment base, payment rates and upper and lower limits of monthly payment amounts after deliberation and ratification by the 52nd plenary meeting of the Municipal Housing Provident Fund Management Committee, and shall be effective as of 1 July in this Municipality.

As of 1 July 2016, the housing provident fund payment base for employees of this Municipality shall be adjusted from average monthly salaries of 2014 to average monthly salaries of 2015 based on the data of employees’ avearage monthly salary for 2015 released by Shanghai Human Resources and Social Security Bureau. For fiscal year 2016, the upper limit of housing provident fund monthly payment amount is 2494 yuan, and 4276 yuan is set as the upper limit of housing provident fund monthly payment amount for owners and employees of individual businesses in urban areas as well as freelancers. The lower limit is 282 yuan. The upper limit of additional housing provident fund monthly payment amount is 1782 yuan.

The payment rates of employees and units for fiscal year 2016’s housing provident fund shall both remain at 7%, and their respective payment rates for additional housing provident fund, where applicable, shall be within 1-5 pct range. An application may be submitted as necessary for approval of reduced rate or prolonged payment pursuant to Notice of MOHURD, NDRC, MOF and PBOC on Standardization and Interim Reduction of Housing Provident Fund Payment Rates and relevant regulations of this Municipality (to be released separately).

For efficiency, an online approach shall be taken for housing provident fund payment base adjustment in this Municipality. All units are made accessible to the special Base Adjustment Column of Shanghai Housing Provident Fund Website (www.shgjj.com) for fulfillment of necessary procedures.