SMEs in China have become a major driver of economic growth and play an important role in contributing to GDP as well as being an important source of tax revenue. With a population of 1.3billion people it’s safe to say that China has immense human resources which makes it attractive for small and medium sized businesses (those with under 500 staff) doing business here.
However, attracting, recruiting and retaining qualified employees can be problematic and one way SMEs in China can set themselves apart from the competition and attract the very best staff is by offering excellent benefits including a good pension, medical insurance and life cover.
Group pension scheme
Setting up a group pension scheme can be a daunting task for SMEs – how do you even identify which is the best scheme, let alone set up and administer it? The offshore arena is extremely complex so help will be required. We have a strong regional presence in China as well as plenty of experience in identifying flexible, tax-efficient schemes with built-in portability and low levels of employer administration. We can help every step of the way in identifying the most appropriate and cost-effective corporate pensions solutions for your business.
Group medical insurance
You will want to ensure your employees have access to top-quality medical care when they need it. That’s not only a great perk for them but also ensures that if they do need medical attention or a stay in hospital they will be back on their feet as soon as possible. There is a bewildering choice when it comes to types of cover and possible options and it can work out extremely expensive. Here at Infinity in Shanghai we have relationships with all the leading specialist international medical insurance providers and exclusive deals with many of them. Our contacts and expertise will enable us to find the right tailor-made cover for your SME at the right price, no matter how many employees you have.
Group life cover
Businesses requirements vary enormously when it comes to life cover but we can provide tailormade plans to suit all businesses, not only to indemnify families upon the death of an employee but also to include total and permanent disability, short term disability and critical illness cover. In addition we can provide advice on ‘key person’, shareholder and partnership insurance schemes.
If you are an SME looking to offer the best package to your employees in China why not take advantage of our exceptional financial consulting services to solve your benefits dilemmas? Please get in touch if you’d like to find out more.