How Social Insurance Affect Your Residence Permit?
According to the latest notice from the State Administration of Foreign Experts Affairs, social security certificate will be needed when foreigners apply for Work Permit extension. The policy is in the air!
That means, beside from house and license plate purchasing, resident permit will also be closely related to Social Insurance!
You might be familiar how Social Insurance works since we have mentioned it many times in previous articles.
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■ Notice! Buy Chinese Social Insurance Or Pay A Fine!
■ Advantages of Buying Social Insurance in China
How To Participate?
According the Social Insurance Law, foreigners who work in Chinese mainland should pay social premiums.
Required Documents
If you participate Social Insurance the first time, you should submit the following documents to the local social security institution to register Social Insurance:
Your valid passport
Your Foreigner’s Work Permit
Labor Contract or Labor Dispatch Contract
After verification, you will have a Social Security Number and get the Social Security Card.
How Much Should You Pay?
The social insurance payment is based on the city you work and the monthly salary you have. So you can enter the link below to calculate how much you should pay every month.
http://salarycalculator.sinaapp.com/city/guangzhou
Step 1
Choose the city you are living and input your monthly salary before tax. After that, click "计算" to calculate.
↑Tap to enlarge
Step 2
Check the amounts of personal payment and company payment in the list.
↑Tap to enlarge
Note: if you are not a permanent resident in China, you don’t have to pay the “housing fund”.
Step 3
Calculate how much you should pay as your personal part.
For example, if your monthly salary before tax is 20,000RMB, then you need to pay pension insurance, medical insurance and unemployment insurance as your personal payment.
How To Get Back the Money?
You may want to ask, if you leave China, can you get the money back?
Of course, yes!
If you leave China before you are qualified for enjoying the pension benefits, your social insurance account can be refunded in a lump sum.
Bring the passport(origin and copy), debit card(only accepted BOC, ICBC, ABC and CCB) to the local social security bureau which your last company belongs to.
The money will be returned to your debit card within 7 work days.
How Much Money Can You Get Back?
The amont of money you can get is based on how much you pay each month and how many months you've paid.
For example, if your monthly salary is 20,000RMB and you have paid Chinese social insurance for totally 5 years. According to the foam above, you need to pay 984RMB pension insurance in the social insurance each month.
Chinese social insurance can bring you a great deal of convenience. what's more, due to the stricter policy of social security, you’d better pay social premiums for both yourself and your employees in accordance with the law in case of unnecessary losses!
Any question about Social Insurance and residence permit in China, welcome to contact HACOS!
Are You Qualified For China Z-visa!
HACOS,Business Services Solutions Master