People who migrate to middle age overseas are bound to face a real problem:

Can I receive China’s pension after retirement?

 

At present, there is a hot discussion on the Internet:

Many overseas Chinese cannot receive Chinese pensions
Eating closed doors everywhere

However, careful consideration will reveal that the domestic retirement rights of some overseas Chinese and overseas Chinese are a legacy of limited scope and are produced under specific historical periods and historical conditions. The period of time will not reappear, and the number of people involved is also believed to be significant. Will not increase again.

The “Proposal on the Retirement Rights of Overseas Chinese and Overseas Chinese Provided by the European Chinese Overseas Retirees Association” can be learned that many overseas Chinese are foreigners after the 1980s and have stayed abroad for various reasons and are now retire.

Many people work in public institutions or institutions before they leave the country, and their working years are as long as ten years or even twenty years. At that time, there was no pension insurance payment system, so China’s relevant regulations stated that such continuous service age is “assuming the same payment period.”

In other words, people who have accumulated 15 years of work can enjoy the basic pension, and the specific amount varies according to the differences between provinces, cities, and regions.

According to the adjustment of pensions in various regions of the country in 2018, the monthly pensions for enterprise retirees in Beijing, Shanghai, and Qinghai have all surpassed RMB 3,000, while the minimum for Sichuan is RMB 1,886, which is the lowest in the country.

The issue of retirement benefits for the Chinese community is urgently needed to be solved by various departments.

 

Some netizens also gave suggestions:

Before the establishment of social security for all residents in China, that is, before the 1990s, the working years were not cleared, but they were deemed to be paid. People who went abroad before the establishment of social security had no social security accounts. However, if individuals or relatives are interested, it is entirely possible to transfer the files themselves from the units themselves to the talent exchange center, establish a social security account as freelancers, and pay the social insurance premiums on their own. Afterwards regardless of nationality, you can receive a basic social pension at the retirement age.

Now immigration, Chinese who settle overseas, how can they receive China’s pension after retirement?

The official website of the Chinese Embassy in the United States issued an announcement as early as October 2015.

Q: What are the basic conditions for receiving a pension (retirement) in China?

A: There are two conditions for overseas pensioners to receive pensions: one is to participate in basic pension insurance and the payment period is 15 years; the other is to reach the statutory retirement age (according to local or industry regulations).

Under normal circumstances, to receive a pension, you must first complete the retirement procedures in China and obtain a pension account.

Reminder: The “Approval Form for Qualifying Pensions for Residents Overseas” handled by the applicant at the Chinese embassies and consulates abroad is only used to prove the facts of the applicant’s existence (applicants who need to receive pensions in Hong Kong and Macao regions must apply In the notary), whether or not the pension can be received will be finally reviewed and interpreted by the domestic authorities. Applicants can visit the website of the social security department where the pension is to be located or call the local 12333 hotline to inquire about the specific policy requirements.

 

Q: Now that I have joined foreign nationality, can I still continue to apply for the “Evaluation Form for Qualifying Pensions for Residents Overseas” and receive a pension?

A: Retirees meet the basic conditions for receiving pensions in China. After joining foreign countries, they can continue to enjoy relevant retirement benefits and receive pensions.

Q: What is the specific procedure for handling the “Evaluation Form for Overseas Pensioners Qualifying for Overseas Residences” at the Chinese Embassy?

A: Applicants who live in the consular district can submit their applications to the embassy. In general, the applicant should go to the embassy in person and provide the embassy staff with a valid passport and residence permit and fill in a “Qualification Form for Qualifying Pensions for Residents Overseas”. If the applicant can not handle it in person, he can entrust another person to do it, or it can be handled by mail. Applicants sent by mail, while submitting the relevant application materials, must also submit a postage envelope with the postage paid so that the embassy can return the produced documents. Specific procedures can be found on the embassy’s website at www.china-embassy.org. (Please refer to the relevant official website’s latest policy for the specific application process.)
For those who have already emigrated to Australia, you can also enjoy the benefits that this high welfare state provides for your old age –
Australia attracts many overseas immigrants with perfect social security and a well-developed welfare system. It can be called “a high-welfare state from cradle to grave.” However, many people are more or less unfamiliar with Australian pensions, especially young people who feel that the word “retirement” is still far away from them.

But in fact, pensions as an important part of Australian social welfare are closely related to every Australian citizen. It can even be said that every financial decision we make now affects the protection of our post-retirement life more or less.

At present, the Australian pension system consists of three main components:
One is the superannuation that employers must pay
The second is the part of personal contribution that individuals voluntarily pay.
Third, the government’s age pension

Superannuation (super)
Australian law stipulates that employees aged 18 or above, regardless of whether they are full-time or part-time, must pay super (not less than 9.5% of pre-tax wages) to their employees, in addition to basic salary, as long as their monthly income before tax is not less than A$450. At least every three months, employees are required to deposit superfund accounts of their own choice.
Government Pension (Age Pension)
The government’s old age pension can solve the basic living expenses after retirement, but in order to achieve a relatively fair purpose, the old age must receive an income test and an asset test (Income and asset test). These tests ensure that some rich people need to spend their own assets before they can apply for an old age pension. As long as they are 65 years of age and have lived in Australia for 10 consecutive years, and their income and assets are below a certain limit, they can receive old-age payments from the government to retirees.
Personal Contribution
The Australian government has been committed to encouraging taxpayers to invest more of their own funds in pensions and to provide for their own retirement. For example, encouraging tax regulations are set to encourage more taxpayers to voluntarily invest their money in pensions. According to the data released by the Australian Ministry of Finance, about 27% of the employees accept 9% of the employer’s statutory MPF, and about 20% of employees voluntarily put the income after tax into the pension.

Transitional retirement policy (TTR)
For people who are semi-retired above the age of 55 and whose personal income reaches a marginal tax rate of 15% or more, this applies. It combines the account based pension with the salary sacrifice superannuation contribution, that is, it can withdraw pensions from the provident fund and save part of the wages into the provident fund as salary sacrifice. The greatest benefit of doing so is that the difference between the pension rate and the personal income tax rate can be used to save tax.