At the beginning of this year, the enterprise social security fee was reduced and exempted in stages, and the enterprise deferred housing provident fund policy was implemented, mainly to cope with the business impact brought by the COVID-19 epidemic. That is, by reducing social security costs, the impact of the epidemic on enterprises, especially small and medium-sized enterprises, will be effectively alleviated, so that enterprises will have a buffer period after they resume production. Obviously, the policy is phased. Moreover, in May this year, the state extended the implementation period of the policy of exempting small and medium-sized enterprises from social insurance premiums due in June 2020 to the end of this year. After small and medium-sized enterprises have a long buffer period to resume operations, it is unlikely that the policy will be postponed again.

Legal knowledge: Article 4 of the Social Insurance Law. Employers and individuals in People's Republic of China (PRC) pay social insurance premiums according to law, and have the right to inquire about payment records and personal rights and interests records, and ask social insurance agencies to provide social insurance consultation and other related services.

Individuals enjoy social insurance benefits according to law and have the right to supervise the payment of their own units.

Fifth people's governments at or above the county level shall incorporate social insurance into the national economic and social development plan.

The state raises social insurance funds through multiple channels. People's governments at or above the county level shall give necessary financial support to social insurance.

The state supports social insurance through preferential tax policies.