In Hubei Yichang, if the social security base is 20,700 yuan, the monthly deduction amount varies for different insurance types. For basic pension insurance, the employee's contribution is 8% of the base, which is 1,656 yuan per month (20,700×8% = 1,656); for basic medical insurance, the employee pays 2%, amounting to 414 yuan per month (20,700×2% = 414); for unemployment insurance, with an employee contribution rate of 0.3%, the monthly deduction is 62.1 yuan (20,700×0.3% = 62.1). Workers' compensation and maternity insurance are fully borne by the employer, so there is no deduction from the employee's salary.
- Basic Pension Insurance Deduction
- The individual contribution rate for basic pension insurance in Yichang is 8% of the social security base. Given a base of 20,700 yuan, the calculation is straightforward: 20,700×8% = 1,656 yuan. This amount is set aside each month to fund the employee's future pension benefits. The pension system in China aims to ensure that retirees have a stable income source in their later years, and employees' contributions during their working years are a crucial part of this long - term financial security mechanism.
- Basic Medical Insurance Deduction
- For basic medical insurance, employees in Yichang are required to contribute 2% of the social security base. So, for a base of 20,700 yuan, the monthly deduction is 20,700×2% = 414 yuan. This contribution, together with the employer's contribution, forms the medical insurance fund. The fund is used to reimburse employees' medical expenses when they seek medical treatment, helping to reduce the financial burden of illness. For example, when an employee is hospitalized, part of the medical costs can be covered by the medical insurance fund, and the amount of reimbursement is related to the contribution amount and relevant policies.
- Unemployment Insurance Deduction
- Unemployment insurance has an employee contribution rate of 0.3% in Yichang. When the social security base is 20,700 yuan, the monthly deduction is 20,700×0.3% = 62.1 yuan. The unemployment insurance system is designed to provide temporary financial assistance to employees who lose their jobs involuntarily. The accumulated contributions are used to pay unemployment benefits to eligible unemployed workers, helping them to tide over the difficult period of job - hunting.
- Workers' Compensation and Maternity Insurance
- Workers' compensation insurance is designed to protect employees in case of work - related injuries or occupational diseases. In Yichang, the entire cost of workers' compensation insurance is borne by the employer, and there is no deduction from the employee's salary. The contribution rate for the employer varies according to different industries, ranging from 0.2% to 1.9%, depending on the level of risk in the industry. For example, industries with high - risk operations like mining may have a higher contribution rate, while service - oriented industries may have a lower one.
- Similarly, maternity insurance is also fully paid by the employer in Yichang. Maternity insurance provides benefits to female employees during pregnancy, childbirth, and the post - natal period, including maternity leave pay and reimbursement of related medical expenses. The employer's contribution rate for maternity insurance is 0.5%.
In summary, when the social security base in Yichang is 20,700 yuan, the total monthly deduction from the employee's salary for social security (excluding workers' compensation and maternity insurance which are employer - paid) is 1,656 + 414+62.1 = 2,132.1 yuan. It's important to note that social security policies may be adjusted from time to time, so it's advisable to stay updated with the latest announcements from the local social security department.
