Published and effective on 17 September, 2014, this notice aims to ensure the submission of social insurance premiums by enterprises punctually and in full in Shanghai. Pursuant to the notice, if an employer fails to submit social insurance premium punctually and in full, and still fails to do so by the expiration of the specified period of time, the responsible administrative authorities will issue a reminder letter and finally render a decision to transfer social insurance premiums if the employer continues ignoring it. The related banks or the financial institutions must comply with the decision to offer assistance in transferring the specific overdue amount from the employer's account. In the meantime, the concerned employer has a right to make a statement of defence within the stipulated time limit. Further, the late-payment fees will be calculated at a rate of 0.05% per day as of the date when the payment becomes overdue. The validation period for the notice is five years.
Register now for your free, tailored, daily legal newsfeed service.
Questions? Please contact email@example.comRegister
Shanghai notice on transfer by banks upon employers' unpunctual and insufficient submission of social insurance premium
Popular articles from this firm
If you would like to learn how Lexology can drive your content marketing strategy forward, please email firstname.lastname@example.org.
Related topic hubs
Chief Legal Adviser: Labour & Employment Law
Sasol Group of Companies
"Lexology is a very relevant and interesting resource for South African in-house lawyers. The newsfeeds are a good measure of a firm's expertise and offer an interesting insight into recent legal developments. I would highly recommend Lexology to colleagues."