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19. How should one make direct account deduction for labor pension? Which day of the month will the deduction take place? If there is insufficient balance in the account on the day of the deduction, how would the Bureau of Labor Insurance handle it?

  1. If a unit wants to use Direct Account Deduction of financial institution to pay for labor pension, please visit the financial institutions (currently, farmers' association, fishermen's association, and credit cooperatives do not accept direct account deduction) appointed by the Bureau of Labor Insurance and fill out "Agreement and authorization for Direct Account Deduction for Labor Insurance Premium or (and) Labor Pension Contribution between the Labor Insurance's Insured Unit (Collectible Unit), and attach the photocopy of latest month's labor pension payment slip or receipts to conduct the application procedure. When filling out the agreement, correct Account Name, account number of the direct deduction account, Uniform Taxation number of the business unit or the phone and address and serial number of national identification card of the responsible person should be filled out. The seal for opening the account in the direct deduction financial institution should also be affixed on the application. The direct deduction account is not limited to business unit account or personal account, but the examination of account information is the duties of the financial institution, the Bureau of Labor Insurance is unable to make the identification.
  2. The date of deduction is the payment deadline indicated on the labor pension payment slip.
  3. When there is insufficient balance in the account, causing deduction failure and thus resulting in overdue payment, the Bureau of Labor Insurance will send a late payment notice. The contributing unit should ensure sufficient balance in the account so that there is enough for the financial institution to make a second deduction on the night of the fourteenth day of the next month. For example, the August labor pension fund is to be deducted on October 31, and then the unit should deposit the required amount into the account prior to the day of deduction. If there is insufficient balance for deduction, the unit should ensure that there is enough money for the second deduction (November 14). If the second deduction is unsuccessful, the unit should visit the Bureau's website to apply for reissuance of payment slip and make the payment at a financial institution or convenience store with the payment slip.
Last Update:2019-08-06