The advance fund has a bumper harvest!The recovery rate reached 132% last year – Business Times

The advance fund has a bumper harvest!The recovery rate reached 132% last year – Business Times

In order to enable workers to receive immediate protection when the employer goes out of business, liquidates or declares bankruptcy and owes wages, pensions and severance payments, and prevents workers from suddenly losing their livelihood, the Ministry of Labor has established a wage arrears advance fund. When the employer goes out of business, liquidates Or when bankruptcy is declared, workers are owed wages, pensions, and severance pay, and then seek compensation from their employers. However, because most employers go out of business or go bankrupt, the recovery rate is very low. However, last year, more than 350 million yuan was recovered in one go The recovery rate reached 132%, but there are still more than 6.1 billion yuan not recovered.

As long as there is a major factory closure event, the Bureau of Labor Insurance will take the initiative to pay attention to the labor debts owed by the employer to the laborer, and immediately assist the laborer to apply for advance payment. 146 people, the amount is 34,039,847 yuan, and 7.58 billion yuan has been paid in advance until last year.

In addition to advances, the Bureau of Labor Insurance is also actively handling the business of recovering advances from the arrears salary advance fund. As of the end of December 2022, 1,438,458,775 yuan of advances have been repaid, with a repayment rate of 18.98%. 357,766,094 yuan was recovered.

Liu Xiuling, head of the general payment group of the Labor Insurance Bureau, said that because the Labor Standards Law stipulates that when the employer suspends business, liquidates or declares bankruptcy, the employee’s salary, pension, and severance payment are the same as the first-ranked mortgage secured creditor’s rights, and the unpaid part, It has the highest priority to receive repayment, allowing the court to repay the advance fund after auctioning the remaining assets. For example, Far East Airlines paid 890 million yuan in advance in recent years, but has recovered 850 million yuan so far.

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(Lin Liangqi in middle time)

further reading

Company employees can apply for salary advances when they go to the vacant building and ask for salary

The labor fund earns 238.3 billion in the first quarter, the pension fund earns 32.5 billion

Basic salary increase is a strange phenomenon, and the proportion of low wages is increasing

The post The advance fund has a bumper harvest! A recovery rate of 132% last year appeared first on Business Times.

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