Upper Limits Raised for Housing Provident Fund Contributions in Beijing: Maximum CNY 8,134 Monthly
The Beijing Housing Fund Management Center released the Notice on Annual Housing Provident Fund Contributions in 2023.
According to the Notice, in the 2023 contribution year (from July 1, 2023 to June 30, 2024) of the housing provident fund, contribution rates for the housing provident fund will continue to range from 5 to 12 percent. Employers participating in housing provident fund contributions may determine their own specific contribution rates within the aforementioned range based on their financial conditions, and may adjust the rates during the annual process for declaring their contribution bases of the housing provident funds for their employees.
The maximum amount of the contribution base for the 2023 contribution year of the housing provident fund is CNY 33,891. The details of the contribution rates and their corresponding maximum amounts for contributions are listed in the table below.
Corresponding Monthly Maximum Amounts for Contributions at Different Contribution Rates for Housing Provident Funds
Contribution Rates for Housing Provident Funds for Employers and Employees | Monthly Maximum Amounts for Contributions (in CNY) | Monthly Maximum Amounts for Contributions by Employees (in CNY) | Monthly Maximum Amounts for Contributions by Employers (in CNY) |
12 percent | 8,134 | 4,067 | 4,067 |
11 percent | 7,456 | 3,728 | 3,728 |
10 percent | 6,778 | 3,389 | 3,389 |
9 percent | 6,100 | 3,050 | 3,050 |
8 percent | 5,422 | 2,711 | 2,711 |
7 percent | 4,744 | 2,372 | 2,372 |
6 percent | 4,066 | 2,033 | 2,033 |
5 percent | 3,390 | 1,695 | 1,695 |
As of September 1, 2023, the minimum amount for the monthly contribution base will be adjusted to CNY 2,420, while that for employees receiving basic living wages will be adjusted to CNY 1,694. In the latter case, for newly received applications for the individual housing provident fund housing loan, the monthly basic living allowance standard used to calculate the loan amount for the applicant is CNY 1,694.
Source: The Beijing News