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Sign up with Google Sign up with FacebookQ: Is this new foreigner pension "contribution" just outright theft?
We're never going to see this money. And, it seems like it's a blanket deduction. If you do the math on it, it looks like the Government will rake in about 1.5 billion USD in "pension contributions" from Laowai.
I've heard we can opt out. I hope that's the truth. Cause we're not going to ever claim it. And, even though they say when we leave we can get it all back, I don't believe it for a second, plus we'll be out of the country. How are we supposed to organize getting it back?
wait a second, when did this start? I dont really have an answer for this, other than to say that there is no way to organize in this place. Do you have an backup sites or news media on this happening? Ive never even heard of it.
I dont mean to sound so incredulous, but You might want to find out if your company is just screwing you. My company changed my 3 line items of water, electricity and internet fees to one big blanket "property management fee" which was much higher than the old combined total had been. We could never prove anything. . . . ..
Is anyone else getting this deduction?
there was a news article about it a few weeks ago, it really going to happen but the scary thing is that they are being very sketchy on the details. ofcourse it's a scam this is china, lieing and cheating . i think everyone should ask their employers if they can opt out. i will wait and see if it is deducted from my salary. the funny thing is the govt has no such program for chinese workers. so why force this on foreigners "you can get on the plane now, we'll send you your money next week by mail"
I think what you mean is that we will make a social security contribution. You used the word "pension," which confused me. Honestly, it doesn't bother me that much because I started working in August. If they want us to contribute, fine. We already make more than any Chinese person who would do our job. It may be beneficial for some expats. I don't know enough about it to say if I'm for or against it, but I think anyone gets a bit upset when they hear they will be paying more money.
Well, outside of the USA other nations refer to it as pensions. In Canada it's called the "Canadian Pension Plan."
So, yes, I meant "pension."
Anyway, I think you will care when you have 1,700 kuai deducted from your paycheque (I meant to spell cheque that way, before you ask).
I don't care if they want to tax us. That's fine. But they shouldn't be taking $300 bucks off my wages and pretending I'll get it back. I'd like to know why our pension deductions will be more than the entire monthly salary for many workers in this country. It's complete BS. We'd better be able to opt out.
Pay extra into the pension account with vague references to being able to get back what you put in if you do not day long enough to retire. A law that was released last October and went into effect in July, but still hasn't had details explained. I'm completely sure that (after they take out the taxes, health insurance fees, maternity leave, unemployment, etc) you will get back exactly zero percent of what you put it.
Yeah, talked to two friends that had 1,700 each taken off. Anyone else yet?
The news say it is to be implemented gradually and start with Beijing first. It has also said some countries like Germany and Russia have already negitiated with China to get their citizens to be exempted from this insurance policy and US and several other countries are negotiating with China for the same.
david_love:
Here are some links of related news but all in Chinese http://www.btophr.com/s_article/35032.shtml http://finance.sina.com.cn/g/20111016/105410629374.shtml http://www.21cbh.com/HTML/2011-6-2/1NMDAwMDI0MjE1Ng.html This is a vrey complex issue and the best thing to do is to check with your embassy / business council in China who can update you with the most recent development. Many foreign business councils are in discussions/negotiation with China at this stage on this policy.
The way I see it, it is their right to implement whatever Law, regulation, etc their little hearts desire. After all, it is their country.
Now, it is MY RIGHT if I disagree with any of them to pack up and leave to another place more to my liking.