Almost everyone knows that we can get the pension from social insurance when reaching retiring age. But for foreigners, what if they leave China but not yet reach the retiring age? Foreigners can take the pension money in one time before leaving!
Almost everyone knows that we can get the pension from social insurance when reaching retiring age. But for foreigners, what if they leave China but not yet reach the retiring age? Foreigners can take the pension money in one time before leaving!
Photo:Jstv.com
Here, we don’t waste time in introducing social insurance. We have given similar topics on that. Everything You Need To Know About Chinese Social Insurance
We are going to outline our finding in an easy way to show you how much you can get and how to take back the money. As that amount is based on the social insurance payment. So, we started with how much you need to pay.
1. How Much You Need to Pay?
Here is an amazing tool, as long as you input your monthly salary before tax, then it clearly shows how much you and your company should monthly pay. Go to search the link below:
http://salarycalculator.sinaapp.com/city/guangzhou
1). Choose the city where you are working, because different cities in China have different rates for social insurance. (In this article, we choose Guangzhou as an example)
2). Input your monthly salary before tax in the right place as the picture shows below. (In this article, all calculations are based on the salary RMB10,000)
For non-permanent residence holders, since you can’t buy housing subsidy. So, if your salary is RMB10,000 before tax, after deducting social insurance, you get RMB 8,980.
Here is the equation:
10,000-800-200-20 = RMB 8,980
Here, the result (RMB 8,980) is just for the deduction of social insurance, not including tax.
So, if you keep the same monthly salary RMB 10,000, you and your company monthly need to pay RMB 1020 and RMB 2289 respectively for social insurance.
2. How Much You Can Get When Leaving China?
You can get your personal payment of pension when leaving China before reaching the age of retirement.
That amount is your monthly personal payment of pension multiplying the months you pay social insurance.
For example, if your salary before tax is RMB10,000 then your personal payment of pension is RMB 800. After 10 years (120 months) paying social insurance, the amount of money you can get when leaving China is:
800*120= RMB 96,000
3. How to Get The Money?
Go to the local Social Security Bureau which your LAST company belongs to. If you move to another city, we suggest you take out the pension before moving, because the system of Social Security Bureau in different cities are not connected. That’s quite inconvenient to go between cities on this issue. Here are three documents needed for the application:
- Confirm letter
Provided by the local Social Security Bureau.
- Passport
Both original and photocopy are needed.
- Debit Bank Card
Only four banks are accepted: Bank of China; Industrial & Commercial Bank; Agricultural Bank of China; China Construction Bank
Your total personal payment of pension will return back to your debit card in one time. It’s estimated to take seven working days.
