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):
- Regulations on Retirement
(1)
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Retirement age
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Gender
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Identity
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Statutory Retirement Age
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Male
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Cadre/worker
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60
|
|
Female
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Cadre
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55
|
|
Worker
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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
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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)
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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.
|
- 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:
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Retirement Time
|
Regulations on Accumulated Payment Years
|
|
Retire in 2020
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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
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The accumulated payment years for medical insurance are more than 23 years, the minimum payment years in Shenzhen is 15 years
|
|
Retire in 2023
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The accumulated payment years for medical insurance are more than 24 years, the minimum payment years in Shenzhen is 15 years
|
|
Retire in 2024
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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
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The same as the year of 2024
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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)
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Contribution base and the rate for supplementary medical insurance
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Amount of Pension
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Supplementary
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Rate
|
|
Pension < 60% of average salary of last year in Shenzhen
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60% of average salary of last year in Shenzhen
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11.7%
|
|
300% of average salary of last year in Shenzhen > Pension > 60% of average salary of last year in Shenzhen
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The actual amount of retirement pension
|
|
Pension >300% of average salary of last year in Shenzhen
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300% of average salary of last year in Shenzhen
| |
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