Regulations on Retirement Administration in Shanghai
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 Shanghai 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
- 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
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Female
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Cadre
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55
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Worker
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50
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Flexible Employment
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55
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- 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?
- The minimum payment years for claiming pension
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Household Registrations
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Years of Payment
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Shanghai
Residence
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a. The pension insurance has been paid in Shanghai for more than 15 years and the last contribution was made in Shanghai, the retirees can get pension when reach retirement age
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b. The total payment years of pension insurance in Shanghai and other cities are more than 15 years, the pension in other cities have been transferred to Shanghai which is the location of the last contribution made, the retirees can get pension when reach retirement age
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Non-Shanghai
Residence
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The pension insurance has been paid in Shanghai for more than 10 years, the total payment years of pension insurance in Shanghai and other cities are more than 15 years, the last contribution was made in Shanghai, the retirees can get pension when reach retirement age
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- Procedures for retirement
In the month in which an active employee reaches the statutory retirement age, it is handled by the company through the One Web Business Platform. There is no charge for retirement application, retirees shall get the pension in the next month after finishing the retirement procedure.
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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