03 Aug 2021 Labor Law: 2020 Average Monthly Salary in Major Cities Released
I. Legal News:
Labor Law: 2020 Average Monthly Salary in Major Cities Released
In many circumstances the employer shall pay the employee severance payment during the termination of employment contract based on the number of years that he has worked at the rate of one month’s salary for each full year worked.
However, a ceiling amount is set for calculating the monthly salary of the employee, that is, if the employee’s average monthly salary is more than 3 times the average monthly salary in the location of city in the previous year, the amount shall be limited to the latter. That is why it is important to check each year on the average monthly salary of the city.
We summarize the following table of the 2020 average monthly salary of some major cities and corresponding ceiling amount for your reference:
II. Hot Topic:
China’s Economy: China’s Economic Situation Saw 12.7% Growth in the First Half of 2021
On July 15, the National Bureau of Statistics released China’s economic situation in the first half of 2021 (“Economic Data”). The Economic Data show that China’s economy continues to grow steadily, production demand continues to rise, economic restructuring and development are solidly promoted.
(1) China’s economy in the first half year witnessed the steady and sound growth
According to the Economic Data, the gross domestic product (GDP) of China in the first half year was 53,216.7 billion yuan, increased by 12.7 percent compared with a year earlier
It shows that under the COVID-19 epidemic, the main macro indicators of the Chinese economy are within a reasonable range.
(2) Market sales improved gradually, and sales of upgraded consumer goods witnessed accelerated growth
(3) Imports and exports of goods grew fast and trade structure continued to improve
In the first half year, the trade balance was 1,633.6 billion yuan in surplus and the trade structure continued to improve. The details are as follows:
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