【Life】How to get your Pension Payments back when leaving China

Source: Joshua Boyer, KeyToMainland

If you are properly and legally employed in China, you will have made monthly payment contributions to the Chinese pension in your paycheck. Every month, money will be deducted from your paycheck to pay into social security and pension.

The good news is, you can claim some of this money back! (but of course, you can choose not to and instead leave the account open, incase you plan to return to China).

However, do bare in mind that you cannot withdraw all of the money that is paid to pension or social security. You can only claim back the funds that are paid into your personal "pool", which is about 8%.

Here's how to get the money back:

1. Terminate the employment contract with your employer, through the usual means – a resignation letter or telling them directly. They should give you a stamped release letter saying that you do not work for them any more (you may need to fill in a form first, though this is not common).

2. Next, your employer or their representative will have to take the stamped form to the local Human Resources and Social Security Bureau to terminate your employment. Before they go, however, tell them that while they are there you would like them to fill out the Personal Pension Insurance Deposit Withdrawal Application Form for Insured Foreigners (Or Citizens of Hong Kong/Macao/Taiwan); they will find this form at the Bureau. While cancelling your employment, they should also hand in this form, to notify the government that you intend to withdraw your money.

3. Once your employer notifies you that this has been done, take your passport, valid residence permit and release letter to the Bureau; once you get there, you can ask for and sign the Confirmation Letter for Whole Withdrawal of Basic Pension Insurance Deposit.

4. You will also need your bankbook or bank card; this should be an account that you have been using in the last six months. Bureaus in some cities may not accept bankbooks or cards from banks other than ICBC, Agricultural Bank of China (ABC), Bank of China (BOC) and Construction Bank of China (CCB). It is advised to contact the bureau to check which ones they accept before you go.

After this, it will take around 7 days to process your request. And once this happens, the reimbursement will be placed into your account.

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This article was originally written by KeyToMainland, and updated by Joshua Boyer.

KeyToMainland, is a news and article service operated by Guangzhou Firebird Consult Co., Ltd which focuses on Visa, Foreign Life and Company Registration. Their service is located in Guangzhou, and has been operating since 2007.  You may contact them at‍ http://www.chinavisa.pro or [phone].

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