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Regulations on Retirement Administration in Shanghai

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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

  1. Retirement age

    Gender

    Identity

    Statutory Retirement Age

    Male

    Cadre/worker

    60

    Female

    Cadre

    55

    Worker

    50

    Flexible Employment

    55


  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

    Shanghai

    Residence

    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

    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

    Non-Shanghai

    Residence

    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


  4. 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.

Disclaimer

All information in this article is only for the purpose of information sharing, instead of professional suggestion. Kaizen will not assume any responsibility for loss or damage.

If you wish to obtain more information or assistance, please visit the official website of Kaizen CPA Limited at www.kaizencpa.com or contact us through the following and talk to our professionals:

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