Legislation roundup: Social insurance, legal talent pool and Shanghai Financial Court
May 03, 2018 | BY
Susan Mok &Social insurance reductions will continue, and a pool of foreign-related legal talent and the Shanghai Financial Court are established.
Labor
Ministry of Human Resources and Social Security, Circular on Continuing to Reduce Social Insurance Premium Rates in Stages
Commencing from May 1 2018, provinces (regions/municipalities) in which the percentage of basic old-age insurance premiums of enterprise employees paid by the enterprise exceeds 19%, as well as those provinces (regions/municipalities) where such payment ratio has been reduced to 19% pursuant to relevant provisions and the cumulative balance of the fund can cover more than nine months of payments as at the end of 2017, may implement the 19% payment ratio in stages until April 30 2019.
Further reading
Legal System
General Office of the Ministry of Justice, Circular on the Establishment of a Pool of Legal Talent with Foreign-related Experience
The pool of legal talent with foreign-related experience is classified based on professional fields with a foreign element such as international economic cooperation; international trade; cross-border investment; financial and capital markets; energy and infrastructure; maritime commerce and affairs; cross-border crime, criminal pursuit and recovery of criminal proceeds; intellectual property and information security; and civil and commercial litigation and arbitration.
A list of names will be published for use by government authorities and enterprises.
Further reading
Standing Committee of the National People's Congress, Decision on Establishing the Shanghai Financial Court
The Shanghai Financial Court will have jurisdiction specifically over financial civil and commercial cases and finance-related administrative cases over which the intermediate people's courts in Shanghai Municipality had jurisdiction prior to its establishment.
Further reading
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