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Easier pensions plea
By Liang Yiwen |
January 26, 2010, Tuesday
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Print Edition
Print Edition
THE Shanghai Federation of Returned Overseas Chinese wants to loosen the minimum time requirement for expats' pensions.
The Shanghai Human Resources and Social Security Bureau's policy introduced in October says foreigners and overseas Chinese who hold a Shanghai residence card and have a work contract with a Shanghai employer can now enjoy the city's social security and benefits.
However, only people who have been paying into the city's pension fund for at least 15 years before retirement age - 60 for men and 55 for women - can apply for pensions.
To attract more overseas senior professionals, the federation suggested the government loosen the time requirement for overseas Chinese or allow them to pay additional funds to compensate for their missing years.
The Shanghai Human Resources and Social Security Bureau's policy introduced in October says foreigners and overseas Chinese who hold a Shanghai residence card and have a work contract with a Shanghai employer can now enjoy the city's social security and benefits.
However, only people who have been paying into the city's pension fund for at least 15 years before retirement age - 60 for men and 55 for women - can apply for pensions.
To attract more overseas senior professionals, the federation suggested the government loosen the time requirement for overseas Chinese or allow them to pay additional funds to compensate for their missing years.
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