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jimpellow
Joined: 12 Oct 2007
Posts: 913
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 Posted: Sun Feb 21, 2016 12:06 am Post subject: Getting Your Pension Back How-To Article |
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I came across this and thought it may be of service to some when they leave the Middle Kingdom. I am of the odd opinion that many simply never try to get this form of "forced savings" back. Few ever seem to ask about it, or complain how they were screwed out of it due to some school or bureaucratic error.
http://www.beijingrelocation.com/blog/before-leaving-beijing-get-your-chinese-pension-back/ |
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LarssonCrew
Joined: 06 Jun 2009
Posts: 1308
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| Posted: Sun Feb 21, 2016 8:56 am Post subject: |
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| I can't actually imagine them paying out, and it would be endless paperwork. |
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auchtermuchty
Joined: 05 Dec 2009
Posts: 344
Location: Beijing
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| Posted: Sat Feb 27, 2016 2:12 am Post subject: |
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| LarssonCrew wrote: |
| I can't actually imagine them paying out, and it would be endless paperwork. |
Surely there's an incentive to pay out, as the employer contribution is lost forever once you sign the form. |
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jimpellow
Joined: 12 Oct 2007
Posts: 913
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| Posted: Sat Feb 27, 2016 4:04 am Post subject: |
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| auchtermuchty wrote: |
| LarssonCrew wrote: |
| I can't actually imagine them paying out, and it would be endless paperwork. |
Surely there's an incentive to pay out, as the employer contribution is lost forever once you sign the form. |
That's an excellent point. It coincides with the theory that the government has enacted this in attempt to in some small way help balance the expected growing shortfalls in the national pension plan.
I just personally can't imagine at least one person sitting on it too long during the process, which is supposed to begin three days before one leaves the country. I think we will read one day of an enraged teaching killing some Chinese person because their 7 year refund was not completed due to a previous commitment to nap all day.
I would also think that unethical employers might use it as leverage, look for kickbacks on it like the release letter, etc. |
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auchtermuchty
Joined: 05 Dec 2009
Posts: 344
Location: Beijing
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| Posted: Sat Feb 27, 2016 7:38 am Post subject: |
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| jimpellow wrote: |
| auchtermuchty wrote: |
| LarssonCrew wrote: |
| I can't actually imagine them paying out, and it would be endless paperwork. |
Surely there's an incentive to pay out, as the employer contribution is lost forever once you sign the form. |
That's an excellent point. It coincides with the theory that the government has enacted this in attempt to in some small way help balance the expected growing shortfalls in the national pension plan.
I just personally can't imagine at least one person sitting on it too long during the process, which is supposed to begin three days before one leaves the country. I think we will read one day of an enraged teaching killing some Chinese person because their 7 year refund was not completed due to a previous commitment to nap all day.
I would also think that unethical employers might use it as leverage, look for kickbacks on it like the release letter, etc. |
I think outside of the first-tier cities it will be harder to get back, but gradually things will improve. I'd expect that the 15 years of payments needed by everyone (foreign and Chinese) to qualify for (some kind of) a pension will be adjusted downwards. |
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jimpellow
Joined: 12 Oct 2007
Posts: 913
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| Posted: Wed Mar 02, 2016 5:08 pm Post subject: |
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"I'd expect that the 15 years of payments needed by everyone (foreign and Chinese) to qualify for (some kind of) a pension will be adjusted downwards."
I don't believe I agree with this. China's screwed-up demographics is creating a situation where there will be quickly skyrocketing deficits. Hard to increase payouts in any form when this is true.
Since a foreigner cannot retire in China, in but a few rare cases like being married to a Chinese person, the majority of the social tax ends up being a direct money grab against foreigners, and a huge wage suppressor by dramatically increasing overhead on the employer. |
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LarssonCrew
Joined: 06 Jun 2009
Posts: 1308
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| Posted: Wed Mar 02, 2016 7:50 pm Post subject: |
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They'll just make it take years, no one will hang around.
It takes 4 weeks to issue your Residence Permit in Shaanxi, 4 weeks, can you imagine how long it'll take just to get your pension contribution back?
Also, have any foreigners ever used the 'national health insurance'? My friends who are Chinese rinse this pretty bad and buy a ton of stuff like rice, cooking oil etc. from the pharmacy to 'use it up.' |
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wangdaning
Joined: 22 Jan 2008
Posts: 3154
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| Posted: Wed Mar 02, 2016 10:42 pm Post subject: |
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| I use the insurance to buy medicine. I have bought medicine for my wife's aunt several times, it is not available in their hometown, and then they put the cash into my wife's bank. I have bought those tiger balm strips for neck pain. I also get medicine for my son/wife, and used it to stock a first aid kit in the house. |
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