Press conference on corporate social insurance premium reduction to support epidemic prevention and control

A press conference was held Thursday afternoon to brief the media about issues on provisional reduction or exemption of employers' social insurance and medical insurance contributions and deferral of corporate payments to the housing provident fund.

China SCIO February 22, 2020

China Daily:

The housing provident fund policy has been a focus of all employees. How will this supporting policy guarantee their legal rights?

Ni Hong:

The housing provident funds involve the interests of both companies and their employees. Since the beginning of 1990s when this system was introduced, 16.9 trillion yuan of housing provident funds have been accumulated, of which 10.4 trillion was withdrawn to help 54 million employees purchase houses, improving their living conditions. In our discussion with relevant departments on providing assistance to companies to ease their difficulties, the interests of employees are fully considered.

First, we have proposed to record the employees' payments to the housing provident funds consecutively when their companies delay this payment. This will ensure that the applications for housing loans and withdrawal from the fund will remain unaffected.

Second, we will also provide assistance to employees facing difficulties in repaying their housing loans on time, especially those directly connected with the fight against the virus, such as medical staff, professionals in virus prevention and control sectors, or employees quarantined or temporarily affected by this epidemic. Their delay in loan repayment before June 30, 2020 will not be considered as overdue payment.

Third, we are also considering increasing the quota of the withdrawal from the housing provident fund for renting houses for new residents who are facing difficulties in renting houses and make the withdrawal time more flexible.

Fourth, in areas seriously affected by the epidemic, enterprises may decide whether to deposit money in the housing provident fund before June 30, 2020. As this matter concerns the immediate interests of employees, enterprises must consult employees to reach a consensus. We hope they could understand each other and overcome difficulties together. The Ministry of Housing and Urban-Rural Development will continue to provide assistance in related areas according to the arrangements and decisions of the CPC Central Committee and State Council, and contribute our share to the prevention and control of this epidemic. Thank you.

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