Notice on Adjustment of Shanghai Housing Provident Fund Payment Base £¦Upper and Lower Limits of Monthly Payment Amounts for Fiscal Year 2015
SHGJJG No.5 (2015)
To All Units Liable to Pay Housing Provident Fund:
In accordance with relevant provisions of the Regulations on Housing Provident Fund Administration of the State Council and the Provisions of Shanghai Municipality on Housing Provident Fund Administration and after deliberation and ratification by the 47th plenary meeting of the Municipal Housing Provident Fund Management Committee, we hereby notify you of relevant issues concerning adjustment of Shanghai housing provident fund payment base and upper and lower limits of monthly payment amounts for fiscal year 2015 (from 1 July 2015 to 30 June 2016) as follows:
1. Housing Provident Fund payment base and Calculation Method
All units shouldcalculate employees’ average monthly salaries according to the average monthly salary calculation method adopted by Shanghai Municipal Statistics Bureau, and determine housing provident fund monthly payment amounts by using employees’ average monthly salaries as payment base. All units shouldinform their employees of the ratification results within one month after having employees’ housing provident fund monthly payment amounts ratified so as to protect their legitimate rights and interests.
As of 1 July 2015, employees’ housing provident fund payment base shall be adjusted from average monthly salaries of 2013 to average monthly salaries of 2014.
In the case of the employee starting first job as of 1 January 2015, the second month’s salary or the year-to-date average monthly salary shall be used as the housing provident fund payment base.
As for the employees newly transferred to the present units as of 1 January 2015, their first month’s salary upon the transfer or the average monthly salary after the transfer shall be used as the basis for payment of the housing provident fund.
2. Housing Provident Fund Payment Rates
The payment rates of employees and units for the municipal housing provident fund and the additional housing provident fund in fiscal year 2015 shall remain the same as those of fiscal year 2014, namely, the payment rates for the housing provident fund shall both be 7%, and the payment rates of employees and unitsfor the additional housing provident fund shall both range from 1% to 8%, with the actual rates to be decided on by the employing units according to the actual situation.
Those units indeed having difficulties in housing provident fund payment may proceed to apply for permission for reduced payment rates (payment rates for the employee and the unit shall not be lower than the stipulated minimum payment rates, and must be positive integers) or postponed provident fund payment, on condition of increasing payment rates or making up for the postponed payment after growth of the unit’s economic returns gains steam.
3. Calculation of Housing Provident Fund Monthly Payment Amount
Housing provident fund monthly payment amount = the employee’s average monthly salary of the previous year multiplied by the employee’s housing provident fund payment rate + the employee’s average monthly salary of the previous year multiplied by the unit’s housing provident fund payment rate. The same method applies to the calculation of the additional housing provident fund.
4. Upper and Lower Limits of Housing Provident Fund Monthly Payment Amount
For fiscal year 2015, the upper limit of housing provident fund monthly payment amount is 2290 yuan, and 3924 yuan is set as the upper limit of the housing provident fund monthly payment amount for owners of individual industrial & commercial household businesses (hereinafter “individual businesses”) in urban areas and their employees as well as freelancers.
For fiscal year 2015, the lower limit of the housing provident fund monthly payment amount, based on the payment rate of 7% for both the unit and the employee, is 254 yuan. The lower limit of the housing provident fund monthly payment amount for owners and employees of individual businesses in urban areas as well as freelancers should be set by reference to this standard level.
Adjustment of payment base for fiscal year 2015 shall mainly adopt an online approach for efficiency. Municipal Provident Fund Center shall publicize services handling requirements, online processing instructions as well as the documents pertaining to information about payment base adjustment in advance through channels such as newspapers and websites. All units should proactively proceed with the internet-based solution for annual basis adjustment by clicking on the special column of payment base Adjustment on Shanghai Housing Provident Fund Website (www.shgjj.com) to read or download and process the annual payment base adjustment directly.
Please be notified and proceed accordingly.
Shanghai Housing Provident Fund Management Committee
23 June 2015
