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Regulations on Retirement Administration in Shenzhen

Regulations on Retirement Administration in Shenzhen

Retirement policy is of vital interest to almost everyone. In China, retirement policy may vary in some respects in different cities. There is a summary of retirement regulations in Shenzhen as following (there is no distinction between household registrations in the following regulations except for the standard of minimum payment years for claiming pension):

  1. Regulations on Retirement

    (1)
    Retirement age

    Gender


    Identity


    Statutory Retirement Age


    Male


    Cadre/worker


    60


    Female


    Cadre


    55


    Worker


    50



    (2)
    Identity

    The identity standard of a retiree is based on the information in the last labor contract signed with the employer. The retiree shall be identified as cadre if the contract shows “management position?

    (3)
    The minimum payment years for claiming pension

    Household Registrations


    Years of Payment


    Shenzhen


    Residence



    a.   The pension insurance has been paid in Shenzhen for more than 15 years and the last contribution was made in Shenzhen, the retirees can get pension when reach retirement age


    b.   The total payment years of pension insurance in Shenzhen and other cities are more than 15 years, the pension in other cities have been transferred to Shenzhen which is the location of the last contribution made, the retirees can get pension when reach retirement age


    Non-Shenzhen


    Residence


    The pension insurance has been paid in Shenzhen for more than 15 years and the last contribution was made in Shenzhen, the retirees can get pension when reach retirement age



    (4)
    Procedures for retirement

    Retirees shall go to Shenzhen Social Security Bureau in the month when reach the statutory retirement age to go through the formalities of retirement by themselves, the original ID card, social insurance card and household register are required in the procedure. There is no charge for retirement application, retirees shall get the pension in the next month after finishing the retirement procedure.

  2. Conditions for Enjoying Medical insurance Benefits after Retirement

    (1)
    Regulations on accumulated payment years for medical insurance

    Even if retirees reach the statutory retirement age, they are still required to make supplementary payments for medical insurance until reach the stipulated conditions of accumulated payment years to enjoy medical insurance benefits after retirement. The detailed regulations are as following:

    Retirement Time


    Regulations on Accumulated Payment Years


    Retire in 2020


    The accumulated payment years for medical insurance are more than 21 years, the minimum payment years in Shenzhen is 15 years


    Retire in 2021


    The accumulated payment years for medical insurance are more than 22 years, the minimum payment years in Shenzhen is 15 years


    Retire in 2022


    The accumulated payment years for medical insurance are more than 23 years, the minimum payment years in Shenzhen is 15 years


    Retire in 2023


    The accumulated payment years for medical insurance are more than 24 years, the minimum payment years in Shenzhen is 15 years


    Retire in 2024


    The accumulated payment years for medical insurance are more than 25 years, the minimum payment years in Shenzhen is 15 years


    Retire in 2025 or Subsequent Years


    The same as the year of 2024



    Note: Pension and medical insurance benefits are consistent in Shenzhen. Shenzhen residence shall not make supplementary payments for medical insurance or enjoy medical benefits in Shenzhen if they get pension in other cities.

    (2)
    Contribution base and the rate for supplementary medical insurance

    Amount of Pension


    Supplementary


    Rate


    Pension < 60% of average salary of last year in Shenzhen


    60% of average salary of last year in Shenzhen


    11.7%


    300% of average salary of last year in Shenzhen > Pension > 60% of average salary of last year in Shenzhen


    The actual amount of retirement pension


    Pension >300% of average salary of last year in Shenzhen


    300% of average salary of last year in Shenzhen



KAIZEN Group is equipped with experienced and highly qualified professional consultants and is therefore well positioned to provide professional advices and services in respect of the formation and registration of company, application for various business licences and permits, company compliance, tax planning, audit and accounting in China. Please call and talk to our professional consultants for details.


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