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Labor cost and social insurance cost

Labor Cost

In the Yangtze Delta, Wuxi has a much lower labor cost than Nanjing, Shanghai or other cities. On average, laborers in Wuxi New District have an annual salary of 40,000-60,000 yuan, and those with higher professional skills are paid 90,000-160,000 yuan a year.

Average Annual Salary in Wuxi New District

Position

Average Annual SalaryYuan / Person · Year

Decision Makers

850,541

Senior Managers

486,504

Operating Managers

291,717

Senior Professional Staffs

160,834

Professional Staffs

88,876

Primary Operators

63,620

Operators

45,540

Social Insurance Cost

In China, employers must pay a percentage of employees’ wages as social insurance. This includes endowment insurance, medical insurance, unemployment insurance, employment injury insurance, maternity insurance and housing funds. According to the law, the social insurance paid by the enterprises in Wuxi New District accounts for about 39-43% of the total amount of employees’ salary.

Paid by employer

Endowment insurance 20%

Medical insurance 7%

Unemployment insurance 1.5%

Employment injury insurance 1.6%

Maternity insurance 0.9%

Housing provident fund 8-12%

Paid by employee

Endowment insurance 8%

Medical insurance 2%

Unemployment insurance 0.5%

Housing provident fund 8-12%

Note: The payment rates of employees and units for the housing fund remain the same (8%-12%) , the actual rates can be decided on by the employing units according to the actual situation.

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